Bill Ackman Doubles Down on Uber

Uber now represents almost 19% of Pershing's entire portfolio.

Ackman's thesis rests on three main points:

(1) a cash-flow inflection,

(2) multiple growth levers beyond ride-hailing, and

(3) an “infinite runway” as autonomy and ads kick in.

He thinks the market is still mispricing all of the above.

He's always been a huge fan of free-cash flow, and look at Uber's FCF, you can see why he's excited... FCF is up 86% in 2024.

He's also wrote extensively about Uber in Pershing's annual report (page 16)

Ackman's thesis states that AV's are not a concern for Uber.

This was made possible due concerns regarding a perceived long-term threat from autonomous vehicles We believe these concerns are misplaced.

And in the screenshots he covers this really well. Idk guys, I still can't find a good growth story for the business. I'm happy to sit this one out for now