The narrative around Peloton is kind of strange to me. They were doing pretty well before the pandemic, then the pandemic hits, and they spent like this hockey

The narrative around Peloton is kind of strange to me. They were doing pretty well before the pandemic, then the pandemic hits, and they spent like this hockey stick growth is permanent and not just a trend, and then went in odd directions- focusing their energy on Peloton stores that sell apparel, for one example. Using that growth to move into different fitness areas and expand on their core product- interactive gamification based fitness- would have made a lot of sense to me- heart rate monitors that actually work, maybe weights that can detect how many reps you did that show up on a weight class leaderboard, would all fit in with the brand's draw. Trying to become the next Lululemon, I mean its not the worst idea I have ever heard, but it kind of goes against the idea of a relatively low fixed cost business model that can scale infinitely with almost zero incremental cost per user. But the narrative that they are essentially a failed company, when they are still growing their user base, and haven't even really done much of an international expansion, is so far off from the reality that their management just spent money like drunken sailors on new businesses that no one wanted.