Two weeks ago, the ride-sharing company Lyft had its IPO – raising more than $2 billion with a $20+ billion market cap. Since then, Lyft’s stock price has declined by 16% while the overall market has risen.

But here’s the deal: investors who think Lyft has been a failure are Missing the Game. Quite simply, investment alpha is no longer being generated by the public markets. Rather, investment alpha is being generated and captured in the private markets, and those investors who fail to realize that the game has changed are suffering poor portfolio returns as a result.

In this newsletter, we dissect trends in the overall marketplace and the specifics of the Lyft transaction. We focus on who gets paid and the implications for individual investors and their investment portfolios.

Click on the link below and read away. We think you’ll enjoy it, and may even give some serious consideration to re-positioning your portfolio.