I made a huge mistake 3 months ago.

Three months ago, I listened to $PTON’s 4Q21 FY earnings call. My framework for high conviction stocks (I hold <15 single names) is massive market opportunity, high NPS product, and management that can execute an ambitious vision.

I heard a bloated corporate infrastructure focusing on launching an apparel brand (run by the CEO’s wife) vs adding more classes, fitness types (see Tonal or Hydrow), or lowering subscription prices. My fault.

I blame myself