Thomas: Lyft's valuation is way off compared to its 30% market share

Market Overview & Policy Impact - Washington's decisions significantly impact markets and underlying businesses [2] - Passage of the "one big beautiful bill" (OB3) is anticipated in July, potentially removing debt ceiling overhang and uncertainty regarding tax cuts [2][3] - The bill's passage is expected to provide market comfort and reduce volatility, paving the way for improved performance [3] Lyft Valuation & Opportunity - A significant valuation disconnect exists between Uber (market cap of $180 billion) and Lyft (market cap of $6 billion), despite Lyft holding 30% of the US ride-share market compared to Uber's 70% [5][6] - The valuation skew is considered excessive, suggesting a potential reset for Lyft [6] - Lyft is actively pursuing interesting business strategies in tier 2 markets like Indianapolis and Charlotte, supported by a strong management team [7] Planet Fitness Turnaround & Growth - Planet Fitness is viewed as a turnaround story with a new and strong management team [9] - The company is reorienting gym equipment, shifting towards strength-intensive offerings to attract and retain Gen Z customers [10] - Planet Fitness is operating systematically with close collaboration with franchisees, employing a "test, read, repeat" approach [10] - The company aims to return to a level of 200 gym openings [11] - Planet Fitness possesses the largest advertising fund in the industry, exceeding $300 million, with a new chief marketing officer to effectively utilize it [12]