joining us to tk about that is kathleen smith, principal and co-foundss of rence capital. great to see you again. welcome back. >> thank you. >> and you say it's going to be tricky to make money in either one of theseni com. why? >> well, they're both losing money for every hundred-dollar ride. lyft is losing $6 perride, and uber is lose -- sorry, uber is losing $6 and lyft$1 is losing so they're both money-losing companies. that should be a red alert for invests looking at these businesses. >> if we had to pin you down, i mean uber is clearly the pioneer and much larger of the o companies. does that give it an advantage that would be more attractive for investors, or do you goith the upstart lyft? which wa you go, if you had to pick one? >> if i had to pick one, i'd go with the dominant market leader, even though we have to gift lyfi some c for being faster growing and gaining in market share. but uber iseally the giant company, and generally the giant companies tend to be t better call if you're going moe better protection and a sizable firm. >> we're just looking at som

we malcolm kathleen smith. -- we welcome kathleen smith.n renaissance ipo when it goes public. work.es an ipo etf at some point it is no longer an ipo, it is just a stock. etf, whichur ipo tracks an index is a rolling two year population of nearly public companies and it is rebalanced every corner, especially when there is a large ipo that comes out in the case to of lyft and that would get into the index on a fast entry basis with a week of it is -- of its training -- of its trading. allowss the ipo-ness and investors to get exposure to the returns of newly public companies. david: you take all of the newly traded companies? kathleen: we take the top 80% of the market cap of the ipo's that have been done over the two year period. very small ones are not included. basket describe it as a of the largest most liquid ipos. alix: something that caught my eye on friday when we got the lyft details is there be another dual share structure which did not go over well for shareholders with facebook. what does that do for the appeal of general invest

kathleen smith of renaissance capital ipo etf joins us now.ou think it is going to go? kathleen: so far, so good. the price range increased 9%. we are at the early stages of the opening up of the ipo market after it was shut down since november due to very poor trading. we could see by the already public companies that have come , the returnsur etf have been very good. investors are feeling good about this category of the market, and we are seeing good reception to ipo's, including the first one pretty much out of the box, which is levi strauss. it just had a very entry into the market. it is trading well, up 30% from its ipo price. alix: bill ford, the ceo of general atlantic, had this to say yesterday. >> i think 2019 is setting up to be the most exciting ipo year since 20 wealth. you've got -- since 2012. you've got some wonderful lyft, and maybe down the road airbnb, introducing consumers to the sharing economy. kathleen: i can make the point that there is enthusiasm for ipo's coming out. however, unlike bill, we are looking at it from an

here with a look at what's driving the increase, kathleen smith of renaissance capital thanks for joining us today, kathy. >> thank you. >> much is made of the dual class stock they are setting up, this structure last hour i was struck, kelly interviewed stephan paterneau. they hold the record for a one-day gain of he said essentially you want dual class. that's brilliant shareholders should have no say in how the company is run. is that the reason to have a dual-class stock for a company like lyft? >> no. we would like to see that shareholders have a say in the company. it's not a favorable thing for investors to know that a decision could be veto by founders we like founder-owned companies, don't get me wrong we don't like the limited voting share class. i think it's sort of hit its -- it really has bothered investors, mostly because snap, when it came out in march of '17, it had a share class with no voting rights whatsoever. that sort of set everybody off on this and in fact, the ind indexers, which are very important to ownership of companies, ended up changing their index rules to r

joining us now is kathleen smith and liz dunn. ladies, good to see you.or having us. maria: kathy, we're expecting a busy, busy, busy three months. kicking off with this, this ipo from levis. what are you expecting from the levis deal? >> well, it's nice to see an iconic brand like levis be the opening ipo after the market's been pretty quiet since november of 2018. so we're about to see a rush of ipos and this one's a good one. levis was founded during the california gold rush in the 1850s where those who make money supplied the gold miners with picks and shovels and men's work jeans. so levis got a stable business over the years and the deal was priced $1 above the range. investors are interested in this name. maria: in terms of the fundamentals, the business of dedenim, the business at levis,s this worth investing in, in your view? >?kathy? >> sorry. yes, it definitely is. we believe that the company's being valued in line with other branded apparel peers and it has a very interesting growth story. it's expanded beyond men's pants and has moved into hi