Uber's Miracle IPO Mocks "Quarterly Capitalist" Belief

Uber's Miracle IPO Mocks "Quarterly Capitalist" Belief

When the 20th century began, cars were rarer than millionaires. And millionaires were incredibly rare. Conventional wisdom was that automobiles were too expensive and way too unreliable to ever be mass produced for the buying public.

Fast forward nearly 120 years, and it's increasingly possible for the common man to not just own a car, but for that same person to summon a car and driver with the tap of a button. It's not said enough that underlying the floating of Uber's shares to the public is an economic miracle that's a beautiful consequence of intrepid capital being matched by investment bankers with remarkable talent. It also speaks to a wrongheaded and very common misperception about investors.

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