Investors should beware the app-based behemoths rushing to market

Lyft, Uber and Airbnb impress in almost every respect - but they do not make much money

The whole world and his dog condemn the evils of financial short-termism, most often with much reason. But another phenomenon is becoming increasingly unnerving: excessive long-termism.

We worry when companies squeeze too much juice out of their existing assets, damaging their long-term health. But we should focus, too, on a growing cohort of companies that constantly postpone the juice-extraction process, promising to switch on the monetisation machine at some point in the fathomless future.

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A version of this article appeared in the print edition of The Straits Times on April 10, 2019, with the headline 'Investors should beware the app-based behemoths rushing to market'. Print Edition | Subscribe