$PTON: Peloton needs to keep a full-price subscriber for 5 five years in order to break even at CAC of $1,200/sub | Dec 2019

$PTON bulls, can you let me know why? Net CAC and churn are clearly understated and likely to worsen w/ competition and the roll-off of older cohorts. LTV/CAC not what sell-side makes it out to be. Don’t disagree w/ @CitronResearch but haven’t spent much time on this. Short? pic.twitter.com/UlorF6cOh0 — junkbondinvestor (@junkbondinvest) December 26, 2019

“Investing in small cap public equities is better for long-term investment returns than investing in second- or third-tier VC funds” | Kauffman Foundation

1/ From 1997 to 2012, less cash was returned to investors than invested in VC. Given where we are in the cycle, revisit this venture study for a sobering read of what a bear market for the industry may look like. Not unlike hedge funds today I suppose. https://t.co/DRAP1vlugG — Jawad Mian (@jsmian) September 28, […]