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Larry Meyers  

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  • Medallion Financial Corp. Loses Its Largest Institutional Investor [View article]
    If you read the entire article, there is not a single mention regarding who exactly insures Uber. As Fred pointed out, James River is an offshore company with shaky financials, that invests in risky junk assets to maintain its financial position.

    The policy does not name Uber or any driver as insured, but a shell subsidiary.

    Cato and Feeney are usually dead on, but they fumbled with this omission.

    P.S. Nobody is required to do anything. How about if I require you to submit a list of all your costs as a Lyft driver, with receipts, since you began driving? How much have you spent on gas, maintenance, repairs, accelerated depreciation, insurance, opportunity cost, taxes, and cleanings? How much have you lost by not being able to sell your vehicle had you kept it as a private vehicle, instead of running it into the ground?
    Feb 13, 2015. 12:42 PM | Likes Like |Link to Comment
  • Taxi Medallions Are Safe Because Uber Will Implode [View article]
    Do you just reflexively disagree with me, or are you just resoundingly obtuse?

    I was responding to "Few immigrants have medallions, and a relatively small number of individuals own their own medallions and taxis."

    Go back to your cage, Jimmy Olsen.
    Feb 12, 2015. 10:24 PM | 1 Like Like |Link to Comment
  • Taxi Medallions Are Safe Because Uber Will Implode [View article]
    Not true.

    40% are individually owned, and 94% of cab drivers are immigrants.
    Feb 12, 2015. 07:38 PM | Likes Like |Link to Comment
  • NYC Data Proves Taxi Medallion Resilience; Rideshare Effect Negligible [View article]
    We?

    Very interesting.
    Feb 12, 2015. 07:36 PM | 1 Like Like |Link to Comment
  • NYC Data Proves Taxi Medallion Resilience; Rideshare Effect Negligible [View article]
    It is entirely for your benefit, so you cannot accuse me of altering the data, which you would do.
    Feb 12, 2015. 04:02 PM | Likes Like |Link to Comment
  • Medallion Financial Corp. Loses Its Largest Institutional Investor [View article]
    Either way, you are pointing out yet another problem with rideshare. Many states have banned texting while driving. All it takes is one bad accident where the driver was looking at his app, and the politicians will come running.
    Feb 12, 2015. 03:40 PM | Likes Like |Link to Comment
  • NYC Data Proves Taxi Medallion Resilience; Rideshare Effect Negligible [View article]
    I suggest you make your own FOIL request so you can get all the data that you specifically desire.
    Feb 12, 2015. 10:03 AM | 1 Like Like |Link to Comment
  • Medallion Financial Corp. Loses Its Largest Institutional Investor [View article]
    We can go around the mulberry bush all day. There is no available data from an independent source to rely upon. Just as James can squawk about the alleged bias of fleet managers and what they report to me, and I can squawk about his anonymous sources not being real, we can squawk about how Uber has every reason to fiddle with its numbers. We have no idea how this data was collected and reported.

    We also, STILL, have no real accounting for costs.

    Just one of the reasons it is taking so long on my end, is how to properly account for a number of different variables and elements. Becoming an Uber driver will shorten the life of a vehicle that might otherwise be sold for real value down the line, and force the person to buy a new car sooner than they otherwise would have, while factoring in opportunity cost and inflation, among other things.

    But what you and your cohorts refuse to understand is that in a year of exponential growth, total decline in cash flow by any metric was negligible compared to what the average medallion grosses, what is needed for debt service at Medallion specifically, and to what extent rideshare itself is the reason for any decline.

    You ARE a sucker to rideshare if you are unaware of the costs of using your own vehicle over the long term, and particularly stupid to rely on the insurance policies provided by Uber's carrier.
    Feb 12, 2015. 03:09 AM | Likes Like |Link to Comment
  • Medallion Financial Corp. Loses Its Largest Institutional Investor [View article]
    A sample of 601 drivers across the entire spectrum of Uber drivers, from which an even smaller sample resides in NYC, has no value.

    I've spent the better part of ten years tearing apart "studies" by dozens of non-profits, NGO's, scientific firms, public advocacy groups...and 95% of them don't pass muster.

    This study is clearly undercovered. Uber itself says it only got an 11% response rate. Who didn't respond and why? Were low-earned ashamed to admit they earned less? Social desirability is huge, and if a lot of Uber drivers are unemployed and/or of the nonprime credit population, I can guarantee you they opted not to respond. There is unquestionably self-selection and survivorship bias as well. How were the subjects contacted? What kind of bias exists in how questions were worded? The list goes on and on, and the methodological details aren't provided, to my knowledge. If they are, please let me know.

    The data presented by Uber in terms of what drivers earn is valueless. To proclaim it as definitive because it is the only study is, to use someone's words, silly.
    Feb 12, 2015. 01:38 AM | Likes Like |Link to Comment
  • Medallion Financial Corp. Loses Its Largest Institutional Investor [View article]
    That's the rate that Uber claims...based on a rather tiny sampling of 601 total drivers, of which I expect less than 20% come from the NYC market.

    I rely on the multitude of other sources that peg it at much much lower rates.
    Feb 11, 2015. 09:08 PM | Likes Like |Link to Comment
  • Medallion Financial Corp. Loses Its Largest Institutional Investor [View article]
    But James, I believe you yourself proclaimed that it doesn't matter who someone is.

    The data supports Mellar's assertions -- Uber drivers are fed up already. There are legions of complaints and a 50% attrition rate. This exponential growth is not only going to slow, it is going to decline.

    Rideshare is for suckers and the "financially naive", if I quote Mr. Rathbone correctly.
    Feb 11, 2015. 08:20 PM | Likes Like |Link to Comment
  • NYC Data Proves Taxi Medallion Resilience; Rideshare Effect Negligible [View article]
    The last five months...which were included in the 2.3% aggregate annual decline.

    The disadvantages of rideshare include surge pricing, passenger fear that insurance is insufficient, wait time, and safety.

    Hailing will always be superior.

    Cash flow remains more than ample to meet debt service, at 10-12x what is necessary, and with daily lease fees collected by owner-drivers which are themselves enough to pay for the debt service.

    Rideshare itself faces multiple headwinds. You guys proceed from a false assumption that it won't face severe restrictions going forward, and ignore the 50% attrition rate. Rideshare is for suckers. The economics clearly don't make sense, and the average driver only makes $16K per year.
    Feb 11, 2015. 08:17 PM | 1 Like Like |Link to Comment
  • NYC Data Proves Taxi Medallion Resilience; Rideshare Effect Negligible [View article]
    I'll respond when I have more time, but -- you sure like sharing talking points with James, don't you?

    The competitive "advantages' you speak of aren't actually advantages. I've discussed many times the huge disadvantages rideshare drivers face. Insurance is but one huge problem. When the real cost of rideshare hits them, they will bail, which already explains the 50% attrition rate from Uber's own study.

    BTW, the Uber chart showed a 4x increase in NYC drivers at the time of the study.
    Feb 11, 2015. 06:14 PM | 1 Like Like |Link to Comment
  • Medallion Financial Corp. Loses Its Largest Institutional Investor [View article]
    Exactly. For all of the hype about how rideshare has exponential growth, there's a question that James curiously hasn't addressed.

    What's taking so long?

    Everyone knows about rideshare. Everyone knows someone who has used it.

    The question is, why aren't these declines already catastrophic? Why instead did the decline abate in the year 2014, when that exponential growth occurred?

    Because Uber can never compete with standing on a street, putting up your hand, and getting into transport in 60 seconds. New Yorkers value their time. They are always in a rush. They don't have time to wait for Uber.
    Feb 11, 2015. 04:03 PM | Likes Like |Link to Comment
  • NYC Data Proves Taxi Medallion Resilience; Rideshare Effect Negligible [View article]
    You are not my editor. I have multiple projects going on and when I get to it, I get to it.

    Yours are not "calculations". They are numbers slapped against a wall. Get back to me when you've done the real work that you demand that I do.

    I can tell you that even after costs, debt service on a 2.3% annual decline in revenue is hardly going to be a challenge.
    Feb 11, 2015. 04:00 PM | 2 Likes Like |Link to Comment
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