Hamish Douglass, CEO, CIO and Lead Portfolio Manager of the Magellan Financial Group with more than $37 billion under management gives Uber less than a one percent chance of survival in the next ten years. Uber to sell China business to taxi app rival Didi “It’s constantly losing money, and its capital-raising strategy is a Ponzi scheme,” said the Australian investor at the annual Stockbrokers and Financial Advisers Conference in Sydney, as quoted by Business Insider.
“When I look at Uber … I think of it as one of the most stupid investments in history. The probability of this business going bankrupt in a decade is 99 percent,” Douglas said.
“All they (Uber) do is keep increasing their private market valuation, and someone always says, I’ll put some money up, because next time they raise, it’ll be […]