Totally agree with your analysis of Uber. You can do almost the same thing with Tesla. Both are examples of investor folly. But citing Peter Thiel is always unwise. “Be last” sounds clever until you realize it’s precisely the same as saying “it’s always the last place you look.” Both are retrospectively obvious but provide no heuristic for achieving the goal. Thiel’s reputation should be as shortable as Uber shares. Both are a one-way bet for the intelligent among us.