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How The Lyft Business Model Works…LYFT co-founder Logan Green

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Our transportation network is comprised of:

• Ridesharing Marketplace. Our core offering connects drivers with riders. The scale of our network enables us to predict demand and proactively incentivize drivers to be available for rides in the right place at the right time. This allows us to optimize earning opportunities for drivers and offer convenient rides for riders, creating sustainable value to both sides of our marketplace. Our ridesharing marketplace connects drivers with riders in cities across the United States and in select cities in Canada. In 2022, we launched Lyft Maps in an effort to optimize routing, improve safety, save riders and drivers time and add to our marketplace efficiency. In addition to our standard rideshare offering, riders can select a variety of other rideshare offerings which include Wait & Save, Lux, Lux Black, Lux Black XL, and have access to Lyft Pink, Lyft’s transportationfocused membership.

• Express Drive. Our car rental program for drivers, including those who want to drive using our platform but do not have access to a vehicle that meets our requirements. Through our Express Drive program, drivers can enter into rental agreements with our independently managed subsidiary, Flexdrive, and our rental car partners for vehicles that may be used to provide ridesharing services on the Lyft Platform.

• Lyft Rentals. In 2019, we launched Lyft Rentals to offer a rental car option for users who have long-distance trips. Lyft Rentals is consumer facing and is therefore different from Express Drive, which is driver facing. Lyft Rentals is supported entirely by third-party partnerships.

• Light Vehicles. We have a network of shared bikes and scooters (“Light Vehicles”) in a number of cities to address the needs of users who are looking for options that are more active and often more cost-effective and efficient for shorter trips. These modes can also help supplement the first-mile and last-mile of a multimodal trip with public transit.

• Public Transit. Available in select cities, our Transit offering integrates third-party public transit data into the Lyft App to offer users a robust view of transportation options around them and allows them to see transit routes to their destinations at no cost. Providing real-time public transit information is another step toward providing effective, equitable and sustainable transportation to our communities, and creating a more seamless and connected transportation network.

• Lyft Autonomous. Our partnership with Motional has enabled the commercial deployment of a fleet of autonomous vehicles on our platform in Las Vegas. In July 2021, we completed a multi-element transaction with Woven Planet, a subsidiary of Toyota Motor Corporation, for the divestiture of certain assets related to our self-driving vehicle division, Level 5, as well as commercial agreements for the utilization of Lyft rideshare and fleet data to accelerate the safety and commercialization of the automated-driving vehicles that Woven Planet is developing.

Drivers
The drivers on our platform are active members of their communities. They are parents, students, business owners, retirees and everything in between. We work hard to serve the community of drivers on our platform, empowering them to drive on their own flexible terms while providing them the opportunity to focus their time on what matters most. Key benefits to drivers on our platform include:

• Flexibility. We offer drivers the flexibility to generate income on their own schedule, so they can best prioritize what is important in their lives.

• Technology. Our predictive technology around ride volume and demand enables us to share key information with drivers about when and where to drive to maximize their earnings on a real-time basis.

• Transparent and Consistent Pay: We’ve released multiple features over the years aimed at providing transparency to drivers, including upfront pay, which enables drivers to see ride information and what they’ll earn before accepting a ride, and Weekly Pay Statement, which gives drivers a more clear and comprehensive view of earnings details.

• Insurance. We procure insurance that helps protect transportation network company (“TNC”) drivers against financial losses related to automobile accidents while on the platform.

• Community Standards. To help us uphold high community standards, we give both drivers and riders the opportunity to rate each other after a ride booked through the Lyft App.

• Support. We offer drivers access to 24/7 support and earnings tools as well as education resources and other support to meet their personal goals.

Riders
Riders are as diverse and dynamic as the communities we serve. They represent all adult age groups and backgrounds and use Lyft to commute to and from work, explore their cities, spend more time at local businesses and stay out longer knowing they can get a reliable ride home. Unless otherwise stated, riders are passengers who request rides from drivers in our ridesharing marketplace and renters of a shared bike, scooter or automobile, or have used services for car owners available in the Lyft App. We work hard to provide riders with a quality experience every time they open the Lyft App, in order to earn the right to have Lyft be their transportation network of choice. Key benefits to riders on our platform include:

• Selection and Convenience. We designed the Lyft App with a focus on simplicity, efficiency and convenience. Our proprietary technology efficiently matches riders with drivers through advanced dispatching algorithms providing faster arrival times, localized pricing and maximum availability. Additional modes, such as Light Vehicles, offer riders more options for shorter trips. The more rides that are taken on our platform, the better we are able to offer riders personalized experiences most suitable to the trip being planned.

• Availability. We strive to ensure that riders can get a ride when they want one. We leverage our proprietary dispatch platform and data to help drivers and riders connect efficiently and reduce wait times.

• Affordability. Our platform empowers riders to choose from a broad set of transportation options to easily optimize for cost, comfort and time.

• Safety. Since day one, we have worked continuously to enhance the safety of our platform and the ridesharing industry by developing innovative products, policies and processes.

Business
Lyft is evolving how businesses large and small take care of their people’s transportation needs across sectors including corporate, healthcare, auto, education and government. Our comprehensive set of solutions allows clients to design, manage and pay for ground transportation programs that contribute to productivity and satisfaction while reducing cost and streamlining operations.

Our Technology Infrastructure and Operations
We organize our product teams with a full-stack development model, integrating product management, engineering, analytics, data science and design. We focus on affordability, reliability, efficiency, optimization and cohesion when developing our software. Our offerings are mobile-first and platform agnostic. We seek to continuously improve the Lyft Platform and the Lyft App.

Our offerings are built on a scalable technology platform that enables us to manage peaks in demand.
We have a commercial agreement with Amazon Web Services (“AWS”) for cloud services to help deliver and host our platform. As a result of our partnership, we believe we are more resilient to surges in demand on our platform or product changes we may introduce.

We designed our platform with multiple layers of redundancy to guard against data loss and deliver high availability. Both incremental and full backups are performed and redundant copies of content are stored independently in separate geographic regions.

We are also investing in iterating and continuously improving our data privacy and security foundation, and continually review and implement the most relevant policies.

Our Proprietary Data-Driven Technology Platform
Our robust technology platform powers the millions of rides and connections that we facilitate every day and provides insights that drive our platform in real-time. We leverage historical data to continuously improve experiences for drivers and riders on our platform. Our platform analyzes large datasets covering the ride lifecycle, from when drivers go online and riders request rides, to when they match, which route to take and any feedback given after the rides. Utilizing machine learning capabilities to predict future behavior based on many years of historical data and use cases, we employ various levers to balance supply and demand in the marketplace, creating increased driver earnings while maintaining strong service levels for riders. We also leverage our data science and algorithms to inform our product development.

Our Intellectual Property
We believe that our intellectual property rights are valuable and important to our business. We rely on trademarks, patents, copyrights, trade secrets, license agreements, intellectual property assignment agreements, confidentiality procedures, non-disclosure agreements and employee non-disclosure and invention assignment agreements to establish and protect our proprietary rights. Though we rely in part upon these legal and contractual protections, we believe that factors such as the skills and ingenuity of our employees and the functionality and frequent enhancements to our solutions and offerings are larger contributors to our success in the marketplace.

We have invested in a patent program to identify and protect a substantial portion of our strategic intellectual property in ridesharing, autonomous vehicle-related technology, micro-mobility, telecommunications, networking and other technologies relevant to our business. We hold numerous issued and pending patents in the U.S. and foreign jurisdictions and continually review our development efforts to assess the existence and patentability of new intellectual property.

We have an ongoing trademark and service mark registration program pursuant to which we seek to register our brand names and product names, taglines and logos in the United States and other countries to the extent we determine appropriate and costeffective. We also have common law rights in some trademarks. In addition, we have registered domain names for websites that we use in our business, such as www.lyft.com and other variations.

We intend to pursue additional intellectual property protection to the extent we believe it would be beneficial and cost effective. Despite our efforts to protect our intellectual property rights, they may not be respected in the future or may be invalidated, circumvented or challenged. For additional information, see the sections titled “Risk Factors—Risks Related to Regulatory and Legal Factors—Claims by others that we infringed their proprietary technology or other intellectual property rights could harm our business” and “Risk Factors—Risks Related to Regulatory and Legal Factors—Failure to protect or enforce our intellectual property rights could harm our business, financial condition and results of operations.”

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Influential Caribbean Leaders Shaping the Future

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The Caribbean region is known for its vibrant culture, diverse communities, and increasingly, its dynamic leadership on the global stage. As we navigate through the complexities of the 21st century, several leaders stand out for their contributions to their nations and the broader Caribbean community. These visionaries are not only addressing the immediate challenges their countries face but are also laying down the groundwork for a prosperous and resilient future.

Trailblazing Political Leaders

In the realm of politics, the Caribbean has seen a number of influential figures who have transcended local boundaries to make a mark internationally. These leaders are characterized by their innovative approaches to governance, commitment to sustainability, and advocacy for social justice. Their leadership transcends politics, impacting economic policies, social reforms, and environmental conservation efforts.

 

 

 

 

 

One such leader is Mia Mottley, the Prime Minister of Barbados. Under her leadership, Barbados has made significant strides in addressing climate change, advocating for small island developing states on the global stage, and pushing for economic innovation. Mottley’s bold decision to transition Barbados into a republic, moving away from colonial legacies, signifies a new era of self-determination and national pride for the Caribbean island.

 

 

 

 

 

In Saint Vincent and the Grenadines, Prime Minister Ralph Gonsalves has been a steadfast advocate for regional integration and economic diversification. His tenure has seen a focus on education reforms, infrastructure development, and bolstering the agricultural sector to ensure food security and sustainability. Gonsalves’ commitment to Caribbean unity and resilience serves as a model for collaborative regional efforts.

 

 

 

 

 

Another notable leader is President Irfaan Ali of Guyana. Taking the helm of one of the fastest-growing economies in the world, Ali is navigating Guyana’s recent oil discoveries with an eye on sustainable development and equitable distribution of wealth. His presidency marks a pivotal moment for Guyana and the Caribbean, as the nation explores ways to leverage its resources while promoting environmental stewardship and inclusivity.

Social Visionaries and Economic Strategists

Beyond traditional politics, the Caribbean is home to leaders who are pioneering change in social and economic spheres. These individuals are leveraging technology, cultural capital, and international partnerships to transform their societies and, by extension, the region.

 

 

 

 

 

 

Prime Minister Roosevelt Skerrit of Dominica is leading his island’s efforts to become the world’s first climate-resilient nation following the devastation of Hurricane Maria in 2017. Skerrit’s vision of a “Nature Island” encompasses aggressive reforestation initiatives, investment in renewable energy, and construction of climate-resilient infrastructure, setting an example for sustainable development worldwide.

 

 

 

 

 

 

 

Dr. the Honourable Keith Rowley, Prime Minister of Trinidad and Tobago, is focused on economic diversification to ensure long-term prosperity. Recognizing the challenges of an energy-dependent economy, Rowley is promoting investment in manufacturing, tourism, and technology sectors. His approach to governance emphasizes stability, innovation, and preparing the nation’s workforce for the future.

 

 

 

 

 

 

 

The Honourable Andrew Holness, Prime Minister of Jamaica, is championing education reform and digital transformation as pillars for national development. By investing in digital infrastructure and education, Holness aims to position Jamaica as a leader in technology and innovation in the Caribbean. His commitment to harnessing the power of technology for social and economic advancement is shaping a new vision for Jamaica’s future.

Mia Mottley’s leadership has positioned Barbados as a strong advocate for climate action.
Prime Minister Ralph Gonsalves champions Caribbean unity and resilience.
President Irfaan Ali is steering Guyana towards sustainable wealth distribution.
Roosevelt Skerrit’s commitment to making Dominica a climate-resilient nation is globally recognized.

These leaders, among others, exemplify the diverse and forward-thinking leadership emerging from the Caribbean. Amidst challenges such as climate change, economic vulnerability, and social inequality, they are crafting innovative solutions that not only address immediate concerns but also lay the foundation for a sustainable and prosperous future. By doing so, they are not only impacting their nations but also contributing to the Caribbean’s collective identity on the global stage.

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To Be Wise, You Must Be A Reader….Charlie Munger

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How did Munger become the sage that he was? Being a voracious reader played a significant role. Munger viewed reading as necessary for developing wisdom: “In my whole life, I have known no wise people who didn’t read all the time—none, zero. You’d be amazed at how much Warren reads—and how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.”

Munger thought reading beyond just one discipline was necessary to become a world-wise person. He noted, “You must know the big ideas in the big disciplines and use them routinely — all of them, not just a few. Most people are trained in one model — economics, for example — and try to solve all problems in one way. You know the old saying: to the man with a hammer, the world looks like a nail. This is a dumb way of handling problems.” Source for

In Munger’s view, to be a great investor, you’d be better off reading 100 biographies than 100 books about how to invest. The key is to immerse yourself in ideas across disciplines to create your latticework of mental models. He admonished people to “Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day.”

Charlie Munger, the vice chairman of Berkshire Hathaway and Warren Buffett’s business partner, died November 28 — less than a month short of his 100th birthday.

Source: John Jennings Forbes Contributor
I write about investments and issues that affect wealthy families.

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Beware Of Making Decisions Based On Predictions of the Future…..Charlie Munger

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Given Berkshire Hathaway’s great success, you’d think that Munger and Buffett had an uncanny ability to predict the future. The opposite is true: A pillar of their success is their ability to admit they cannot predict the future.

Munger has noted that he’s “never been able to predict accurately. I don’t make money predicting accurately. We just tend to get into good businesses and stay there.” Moreover, Munger didn’t place much stock in experts’ predictions either: “People have always had this craving to have someone tell them the future. Long ago, kings would hire people to read sheep guts. There’s always been a market for people who pretend to know the future. Listening to today’s forecasters is just as crazy as when the king hired the guy to look at the sheep guts. It happens over and over and over.” Source for quotes.

I think about Munger’s perspective whenever I’m tempted to click on some investment guru’s prediction about what the stock market will return or the path of interest rates. If Munger and Buffett, two of the greatest investors of all time, don’t think they can predict the future or listen to expert predictions, why should we behave any differently?

Charlie Munger, the vice chairman of Berkshire Hathaway and Warren Buffett’s business partner, died November 28 — less than a month short of his 100th birthday.

Source: John Jennings Forbes Contributor
I write about investments and issues that affect wealthy families.

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Know The Other Side’s Arguments……Charlie Munger

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Munger cautioned against having an opinion unless you are fully educated on all sides of the issue, which is a specific application of the concept of inversion.

In 2007, Munger gave the commencement speech at the USC School of Law, and in his talk, he warned of “extremely intense ideology because it cabbages up one’s mind.” He told the attendees that whenever he “drifts toward preferring one ideology over another” he forces himself to consider the other side by telling himself, “I’m not entitled to have an opinion on this subject unless I can state the arguments against my position better than the people do who are supporting it. I think only when I reach that stage am I qualified to speak.”

The underlying concept is that it takes work to have an informed opinion, and ideological thinking is lazy thinking. Instead of looking for facts that support your ideological leanings, having a valid opinion involves the often painful task of researching facts that support the other side.

Charlie Munger, the vice chairman of Berkshire Hathaway and Warren Buffett’s business partner, died November 28 — less than a month short of his 100th birthday.

Source: John Jennings Forbes Contributor
I write about investments and issues that affect wealthy families.

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The Power Of Inversion……Charlie Munger

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“Invert, always invert.” – Carl Jacobi, 19th century mathematician

A compelling mental model Munger espoused is inversion, based on Jacobi’s belief that a powerful way to solve math problems is to restate them in inverse form. Munger’s insight is that inversion is robust beyond mathematics; thinking is clarified by considering issues both forward and backward ways.

Most of us think of our goals in a forward direction, as in, “What do I need to do to accomplish my goal?” But it can be powerful to look at it backward by thinking about what we should do to ensure we won’t meet our objective. For example, if you want to lose weight, instead of just thinking about what you need to do to lose weight, it’s also instructive to ask yourself, “What would I do if I didn’t want to lose weight?” Those things might include not exercising, overeating, avoiding fruits and vegetables, and consuming many highly processed foods loaded with sugar. That inverted list can help you decide how to behave to achieve your goals.

Also, as I wrote in “Five Ways to Be a Terrible Investor,” inversion is a mental model that is valuable in shaping good investment behavior.

Charlie Munger, the vice chairman of Berkshire Hathaway and Warren Buffett’s business partner, died November 28 — less than a month short of his 100th birthday.

Source: John Jennings Forbes Contributor
I write about investments and issues that affect wealthy families.

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