Seeking Alpha
View as an RSS Feed

Larry Meyers  

View Larry Meyers' Comments BY TICKER:
Latest  |  Highest rated
  • Lenders Provide 100% Financing On Inflated Chicago Medallion Prices [View article]
    Yet more reasons why Uber's impact on NY taxis has only been 10%. From the NYPost:

    Every New Yorker knows yellow cabs overwhelmingly go where the big money is — the airports and Manhattan south of Harlem. The study by Jared Meyer, an MI fellow, proves Uber is different.
    Meyer looked at 2014 use of UberX, the cheapest, most popular Uber option. He found that:
      Twenty-two percent of UberX pickups were outside the prime-cash zone (“core” Manhattan plus the airports) vs. just 6 percent of yellow-cab pickups.
     Uber is serving lower-income neighborhoods. In zip codes outside the yellow-cab core areas, four of UberX’s top 10 pickup zones have average household income below the “prime Manhattan” median.
     And that lower-income service is growing: Of the 10 fastest-growing zip codes in UberX pickups, six had average incomes below the city median.
      Uber’s clientele is diverse: Its 29 top pickup areas outside the “prime” zone range from heavily white Park Slope to Crown Heights and Harlem, both more than 75 percent black.
    Sep 3, 2015. 10:45 PM | Likes Like |Link to Comment
  • Once Again, NYC Data Shows Resilience Of Taxi Medallions [View article]
    As my White Paper has demonstrated, driving for Uber is a terrible deal.

    From Mother Jones:

    "There will always be people like my friend James, a self-employed childrens' book illustrator who has long delivered pizzas to help pay the bills. Lured by Uber's recruitment ads, James bought a four-door Mini Cooper last spring and went to work shuttling people around. But he quickly discovered he was only making about $12 an hour, not including wear and tear on his car. So in February, James gave up the Uber gig and went back to working for the same old-school San Francisco Pizza joint—where he's classified as an employee, meaning he gets reimbursed for gas."
    Sep 3, 2015. 08:29 PM | Likes Like |Link to Comment
  • Your Official Market Crash Protocol [View article]
    It is, although it's a speculative position and thus not worthy of a big buy in. The pawn business alone is worth at least $8-9. However, I would rather buy in to long term successful businesses.
    Sep 3, 2015. 06:29 PM | Likes Like |Link to Comment
  • The CFPB Just Made World Acceptance A Zero [View article]
    That came from a report by Citron Research on their website.

    Thanks for the kind note.
    Sep 3, 2015. 06:28 PM | Likes Like |Link to Comment
  • Lenders Provide 100% Financing On Inflated Chicago Medallion Prices [View article]
    What evidence do you have that the underwriting of one company is equivalent to that of another's? How many times must I make this point or any of the following?

    Conservative lenders have been in the business a very long time.
    Lenders like Melrose are new and inexperienced.
    Conservative lenders understand the business better than newbies.
    Lenders like Melrose made loans under pressure from the gov't as opposed to making loans as part of a legacy business.
    Melrose and 3 other credit unions are suing.
    Other lenders are not, as they apparently are not panicked.
    Lawsuits regarding public policy are all about crying over a situation that may or may not have merit. There are substantive issues and there is theatre.

    Going forward, I will no longer respond to those using anonymous screen-names.
    Sep 3, 2015. 03:44 AM | Likes Like |Link to Comment
  • Lenders Provide 100% Financing On Inflated Chicago Medallion Prices [View article]
    Sounds like Melrose has pretty crappy underwriting.
    Sep 2, 2015. 11:54 AM | 1 Like Like |Link to Comment
  • Lenders Provide 100% Financing On Inflated Chicago Medallion Prices [View article]
    Total institutional interest increased 1.5 million shares.

    O'Leary retired, by the way.
    Sep 1, 2015. 05:15 AM | Likes Like |Link to Comment
  • 3 Small Cap Value ETFs For Every Type Of Investor [View article]
    You're welcome. Hey, don't weed out Umbrella Salesmen articles. Comment on them!
    Aug 31, 2015. 04:45 PM | 1 Like Like |Link to Comment
  • Medallion Financial's 10-Q: A Port In A Storm [View article]
    And in total, institutions increased their overall holdings by 1.5 million shares.
    Aug 31, 2015. 01:40 PM | Likes Like |Link to Comment
  • Medallion Financial's 10-Q: A Port In A Storm [View article]
    Specifically these:

    http://tinyurl.com/qyg...

    14 funds opened new positions in Q2.
    31 funds added to their positions.

    Selz made a huge bet of 700,000 shares.
    Welllington bumped their up by 500,000 shares
    Overbrook and 3 others increased by 586,000 shares collectively
    The next ten in the list added a total of 500,000 shares

    Overall, close to 1.5 million shares added in the aggregate.
    Aug 30, 2015. 03:37 PM | 1 Like Like |Link to Comment
  • Lenders Provide 100% Financing On Inflated Chicago Medallion Prices [View article]
    Based on what statutes?
    Aug 30, 2015. 03:35 PM | 1 Like Like |Link to Comment
  • Lenders Provide 100% Financing On Inflated Chicago Medallion Prices [View article]
    And 2 for $2MM and 1 for $1MM. And 2 for $2.4 MM. And 1 each for $799,000.
    Yes, there are many medallions for sale all across the cost spectrum and not "routinely below the 700K level" according to the list provided.
    Aug 29, 2015. 02:23 PM | 1 Like Like |Link to Comment
  • Lenders Provide 100% Financing On Inflated Chicago Medallion Prices [View article]
    The lenders and buyers believe that they are getting a great deal with little risk.

    To coin a phrase, I am not an IFRS expert and neither are you. While it is fair to raise the question, I believe it is quite a stretch to pronounce that the transactions were not arm's length and that they do not represent "fair value".
    Aug 29, 2015. 02:21 PM | 1 Like Like |Link to Comment
  • Lenders Provide 100% Financing On Inflated Chicago Medallion Prices [View article]
    Labor law attorney? No. Public policy analyst? Yes. Spoken to numerous labor law attorneys? Yes. Read the judge's decision sending it to the jury, where he made it pretty clear he thinks they are employees? Yes.

    Not hanging any kind of thesis on it. Merely pointing out that this is one of many headwinds facing Uber, not all of which it will escape, and many of which will cripple it.
    Aug 29, 2015. 02:18 PM | Likes Like |Link to Comment
  • Lenders Provide 100% Financing On Inflated Chicago Medallion Prices [View article]
    There are severe challenges facing Uber that the media does not cover. Once the CA class action case reaches the jury, and should the jury find Uber is an employer, then Uber is toast. Given the number of elements Uber controls, both in substance and in form, their drivers are employees.
    Aug 28, 2015. 10:36 PM | 1 Like Like |Link to Comment
COMMENTS STATS
1,248 Comments
758 Likes