The full write-up is below, but I don't think investors are appreciating the potential of Peloton.
High Operating Leverage
Winner-Take-All Market...this one isn't obvious until you look at recent results from Beachbody, Nautilus, Soul Cycle, etc.
Think Netflix of fitness - limitless content, 24/7, everywhere
Peloton Bikes? A Trojan Horse to become a digital fitness company.
You want to invest in companies whose customers act cult-like (Apple, Tesla). Peloton is definitely cult-like.