Uber Is Raising More Money From Rich People

Would you invest in Uber at a $62.5 billion valuation without looking at its financial statements? I don't mean, like, reading every word of the notes; I mean, you don't even get "basic financial data such as net income and official annual revenue figures." Sound good?

Obviously it sounds a bit dumb when you put it like that. Or, not obviously, not obviously at all: Morgan Stanley and Bank of America Merrill Lynch are offering their rich private-wealth clients just that opportunity, as Bloomberg's Julie Verhage reported yesterday, and presumably those clients don't all think it's a dumb idea. It's all in the tone of voice, the emphasis. "Do you want to invest in the hottest of all the unicorns before regular people can?" Sign me up! "Do you want to invest in a private company at a $62.5 billion valuation, but we can't tell you anything about it?" Errrmmm.