David McWilliams: Grand Canal Dock and a story of manic speculation

Stockmarket speculators may have Uber–extended themselves – and not for the first time

Tech insiders are said to be “disappointed” at Uber’s  valuation of  $65bn for a taxi firm with  few assets, that has no immediate prospect of making a profit, and burns through $2bn   of shareholders’ money a year.  Photograph: Getty Images

Tech insiders are said to be “disappointed” at Uber’s valuation of $65bn for a taxi firm with few assets, that has no immediate prospect of making a profit, and burns through $2bn of shareholders’ money a year. Photograph: Getty Images

Last week Uber, the taxi-sharing app, floated on the New York stock exchange. As a result the company is now worth just over $65 billion.

We are entering the 11th year of a bull market, and because success tends to breed a disregard for the possibility of failure, investors expressed “disappointment” at the shares’ performance in the first few days of trading.

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