#149 - Phil Haslett - Lyft’s Doing $2 Billion Dollars A Year In Revenue, And It’s Growing That Revenue 105% A Year. There Are Only 8 Companies Listed On The Stock Exchange In The U.S. With That Kind Of Profile

60 minutes

In episode 149 we welcome back our guest from Episode 122, Phil Haslett. Meb and Phil begin the episode with a chat of the IPO environment so far in 2019, and the recent Lyft IPO. Phil then gets into the cyclicality of IPOs in general, and that IPOs tend to be most successful when the market is not so volatile.

Meb asks Phil about the IPO process. Phil starts with banking and how the banking relationship works, and what some companies have done to avoid the high costs of going through the IPO process. Google was the first to give an alternative approach to the IPO process a shot, and Spotify found huge success through a direct listing.

Next, Phil gets into the changing characteristics of what firms look like in today’s IPO cycle, vs. the past. He discusses that the value of which companies go public is far higher than it used to be, and they are going public much later. This stems from companies raising large amounts of capital as private companies. Eventually, though, they’ll need to go public for a couple of reasons. 1) venture capital investors that invested early, may run out of patience waiting for an exit, 2) the need to address liquidity for other shareholders 3) recognition, and 4) be able to issue stock and raise capital for potential future M&A.

The conversation then shifts back to Lyft, and their S-1 filing.

Phil mentions some interesting points he and his team found in the S-1. He discusses Lyft’s $300 million R&D spend, signaling the likelihood it is making major investments, possibly in autonomous driving. They also found that the company has presented itself as a transportation as a service (TaaS) company.

Meb brings up the topic of dilution, and why it is so important in understanding venture capital investing, and Phil walks through the fundamentals of capital raising, and shareholder dilution, and what it really means to early investors.

Next, employee wealth, and how to think about managing it is addressed. Phil shares some advice of being diversified to offset the concentration that comes with both owning shares and earning a paycheck from the same company.

As the conversation begins to wind down, Phil covers his take on the future of the private investment space.

Hear all this and more in episode 149, including the future of EquityZen, and Phil’s predictions for the 2019 IPO market.

More episodes from The Meb Faber Show

#268 - Best Idea Show - Doug Ludlow, MainStreet - We’re Now Saving The Average Company Using Our Platform About $75,000 Per Year

In episode 268, we welcome our guest, Doug Ludlow, the co-founder and CEO of MainStreet, a startup making it easy for businesses to access government incentive programs. In today’s episode, …

The Best Investment Writing Volume 4: Tyler, Portfolio Charts - The Benefits of Bond Convexity

Last year we brought listeners the entire volume of The Best Investment Writing Volume 3, in audio format, right here on the podcast. Listeners loved …

#267 - Edward Altman, NYU - We Had More Billion Dollar Bankruptcies In 2020 As Of September Of This Year Than Any Year Ever

In episode 267, we welcome our guest, Edward Altman, professor at the Stern School of Business at NYU. In today’s episode, we’re talking corporate …

Cambria Fund Profile Series – Cambria Asset Allocation ETFs (GAA) (GMOM) (TRTY)

In today’s episode of the Cambria Fund Profile Series, Meb discusses Cambria’s Asset Allocation ETFs, the Cambria Global Asset Allocation ETF (GAA), the Cambria Global Momentum ETF (GMOM), …

#266 - Best Idea Show - Kiyan Zandiyeh, Sturgeon Capital - We Have A Blank Canvas To Potentially Create What The Technology Ecosystem Of That Country Will Look Like Over The Next 5-10 Years

In episode 266, we welcome our guest, Kiyan Zandiyeh, Chief Investment Officer for Sturgeon Capital, a leading frontier markets investment boutique …

The Best Investment Writing Volume 4: Martin Tarlie, GMO - Is the U.S. Stock Market Bubble Bursting?

Last year we brought listeners the entire volume of The Best Investment Writing Volume 3, in audio format, right here on the podcast. Listeners loved …

How you can listen to this podcast

You can listen to episodes right here on the website, or if you prefer, in a podcast app. Listening in an app makes it easier to keep track of what you’ve already heard, listen without using your data plan and many other conveniences.

Recommended apps
Start listening to #125 - Tom Barton - The Biggest Problem Investors Have is Things Change...and They Don't Change
1:24:56
Start listening to #125 - Tom Barton - The Biggest Problem Investors Have is Things Change...and They Don't Change
1:24:56