Mark Mahaney

Other than just simple diversification. And I don't think that a mid-tier ad platform has ever really been able to effectively answer that question. And that's why, unless you're something really out of the blue like TikTok, I just haven't seen anybody really break through and generate $10 billion of ad revenue. I hope I'm surprised one day, but that would be my biggest concern with Reddit.

But everything I've seen so far is very intriguing.

But everything I've seen so far is very intriguing.

But everything I've seen so far is very intriguing.

I don't know. I'm pretty cautious on Lyft just because it's the distant number two in the U.S. market. Now they're trying to expand internationally. They just acquired an asset in London, I think, like a taxi service, I forgot the name of it. Geographic expansion is a good thing, but the problem with being a distant number two is that your economics aren't in your own hands.

I don't know. I'm pretty cautious on Lyft just because it's the distant number two in the U.S. market. Now they're trying to expand internationally. They just acquired an asset in London, I think, like a taxi service, I forgot the name of it. Geographic expansion is a good thing, but the problem with being a distant number two is that your economics aren't in your own hands.

I don't know. I'm pretty cautious on Lyft just because it's the distant number two in the U.S. market. Now they're trying to expand internationally. They just acquired an asset in London, I think, like a taxi service, I forgot the name of it. Geographic expansion is a good thing, but the problem with being a distant number two is that your economics aren't in your own hands.

In the December quarter, Lyft stock traded off aggressively on their print because they had a surprise price action that occurred late in the quarter. Uber came in and lowered prices aggressively, and it caused Lyft to miss its numbers. And well, to me, that's why you want to be careful about buying second-tier assets. And so I'm on the sidelines on the stock. I sort of view it as a

In the December quarter, Lyft stock traded off aggressively on their print because they had a surprise price action that occurred late in the quarter. Uber came in and lowered prices aggressively, and it caused Lyft to miss its numbers. And well, to me, that's why you want to be careful about buying second-tier assets. And so I'm on the sidelines on the stock. I sort of view it as a

In the December quarter, Lyft stock traded off aggressively on their print because they had a surprise price action that occurred late in the quarter. Uber came in and lowered prices aggressively, and it caused Lyft to miss its numbers. And well, to me, that's why you want to be careful about buying second-tier assets. And so I'm on the sidelines on the stock. I sort of view it as a

as maybe more of a trading asset than an investing asset for really nimble, you know, traders, you know, they want to move in and out of the stock when the valuation gap widens particularly wide and jump in and sell it when it, when it narrows. Okay. I understand that. And it's, that's a very valid way to make a living. It's not what I would suggest for, for retail investors.

as maybe more of a trading asset than an investing asset for really nimble, you know, traders, you know, they want to move in and out of the stock when the valuation gap widens particularly wide and jump in and sell it when it, when it narrows. Okay. I understand that. And it's, that's a very valid way to make a living. It's not what I would suggest for, for retail investors.

as maybe more of a trading asset than an investing asset for really nimble, you know, traders, you know, they want to move in and out of the stock when the valuation gap widens particularly wide and jump in and sell it when it, when it narrows. Okay. I understand that. And it's, that's a very valid way to make a living. It's not what I would suggest for, for retail investors.

Well, there'd be a fourth one, which is recession. That wasn't in my forecast at three months ago, not that I make recession forecasts, but tariffs, yeah. I mean, the tariff wildcard became a lot wilder than I would have thought, and the market as a whole would have thought. Regulation, I don't know, we still haven't had anything that's meaningful yet to tech.

Well, there'd be a fourth one, which is recession. That wasn't in my forecast at three months ago, not that I make recession forecasts, but tariffs, yeah. I mean, the tariff wildcard became a lot wilder than I would have thought, and the market as a whole would have thought. Regulation, I don't know, we still haven't had anything that's meaningful yet to tech.

Well, there'd be a fourth one, which is recession. That wasn't in my forecast at three months ago, not that I make recession forecasts, but tariffs, yeah. I mean, the tariff wildcard became a lot wilder than I would have thought, and the market as a whole would have thought. Regulation, I don't know, we still haven't had anything that's meaningful yet to tech.

I haven't seen any material deregulation yet. Maybe I missed it, but I'm still watching for that. We've had the tariff wildcard get played. It's going to get played for a while. And then what's the third one? Oh, M&A. Yeah, it does seem like there's more M&A that's being allowed now. Google buying Wiz, security software company. There's smaller acquisitions out there.

I haven't seen any material deregulation yet. Maybe I missed it, but I'm still watching for that. We've had the tariff wildcard get played. It's going to get played for a while. And then what's the third one? Oh, M&A. Yeah, it does seem like there's more M&A that's being allowed now. Google buying Wiz, security software company. There's smaller acquisitions out there.

I haven't seen any material deregulation yet. Maybe I missed it, but I'm still watching for that. We've had the tariff wildcard get played. It's going to get played for a while. And then what's the third one? Oh, M&A. Yeah, it does seem like there's more M&A that's being allowed now. Google buying Wiz, security software company. There's smaller acquisitions out there.

So I just think that that's kind of more allowed now. But of those three wildcards at the beginning of the year, the one that came through in spades, if I'm not ruining the analogy, is tariffs. And actually, it turns out the market does have a good hand because the one thing that's really changed administration policy has been a market that said, you know, no mas, we disagree.