Earlier quoted context omitted.
Increase short interest I guess? Presume they have a massive short position.
No, they own 5% of the company. The deck is not a take down of the company, is a take down of the CEO.
Interesting, thanks for clarifying!
Peloton – A call for action [pdf]
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Re: Peloton – A call for action [pdf]
#22Yesterday’s thread about this: https://news.ycombinator.com/item?id=30272154
Re: Peloton – A call for action [pdf]
#23> Q: Is there anything about being CEO that you don’t like, that you like to delegate? > A: Finance. Our CFO does 99% of finance. I engage because I want to know how we’re doing. But to say I don’t add value to her operation is an understatement. You can also say the same with technology. Our CTO doesn’t get any help from me. I’ll go sometimes months without talking to our CTO, which as a CEO of a technology company,…
Amazing. I just hope Matt Levine (of Bloomberg’s money stuff) has seen this deck today.
He covered it a couple of days ago.
Re: Peloton – A call for action [pdf]
#24Seems a lot of people think this is a deck by Peloton, not by Blackwells Capital. The title should be changed to clearly reflect that.
Re: Peloton – A call for action [pdf]
#25So many words trying to obfuscate the simple fact that “We are a treadmill maker trying to masquerade as a tech company.”
haha your comment reminded me of this incredibly well made video[1] The punch line "we are not a window blinds company; we are privacy company" takes the cake! https://www.youtube.com/watch?v=Hv6EMd8dlQk
Haha, damn, that’s perfect!
Re: Peloton – A call for action [pdf]
#26> Q: Is there anything about being CEO that you don’t like, that you like to delegate? > A: Finance. Our CFO does 99% of finance. I engage because I want to know how we’re doing. But to say I don’t add value to her operation is an understatement. You can also say the same with technology. Our CTO doesn’t get any help from me. I’ll go sometimes months without talking to our CTO, which as a CEO of a technology company,…
One might ask, if the CEO does 1% of finance, and 0% of technology, what does a CEO do? Office, HR, comms management?
"Well--well look. I already told you: I deal with the god damn customers so the engineers don't have to. I have people skills; I am good at dealing with people. Can't you understand that? What the hell is wrong with you people?"
Re: Peloton – A call for action [pdf]
#27I get the impression they don't like the CEO very much. That was an impressively brutal attack on him, with probably the worst damage inflicted by the CEO's own statements.
Blackwells is obviously not a neutral party here, there's a reason they created this thing. But on first glance it looks like a pretty solid argument that the management at Peleton is seriously flawed. I don't really buy the arguments on why Peleton is a good business and comparable to Streaming somehow.
I do find the arguments around bad governance structures and oversight weird though, as those should have been known before they invested. Doesn't mean they're wrong, but obviously this didn't stop Blackwells from investing in the first place.
Re: Peloton – A call for action [pdf]
#28> Q: Is there anything about being CEO that you don’t like, that you like to delegate? > A: Finance. Our CFO does 99% of finance. I engage because I want to know how we’re doing. But to say I don’t add value to her operation is an understatement. You can also say the same with technology. Our CTO doesn’t get any help from me. I’ll go sometimes months without talking to our CTO, which as a CEO of a technology company,…
Amazing. I just hope Matt Levine (of Bloomberg’s money stuff) has seen this deck today.
Re: Peloton – A call for action [pdf]
#29Earlier quoted context omitted.
Amazing. I just hope Matt Levine (of Bloomberg’s money stuff) has seen this deck today.
It was in the newsletter 2 days ago
Thanks, I missed it. Here it is:
https://www.bloomberg.com/opinion/articles/2022-02-08/peloto...
Re: Peloton – A call for action [pdf]
#30> Q: Is there anything about being CEO that you don’t like, that you like to delegate? > A: Finance. Our CFO does 99% of finance. I engage because I want to know how we’re doing. But to say I don’t add value to her operation is an understatement. You can also say the same with technology. Our CTO doesn’t get any help from me. I’ll go sometimes months without talking to our CTO, which as a CEO of a technology company,…
As someone who's been a CTO at times in the past, I wish I'd worked with a CEO like that. There are few things worse than having a leadership team who don't trust you to deliver the tech that drives the company's ideas.