Raising money in a bear market, and what's happening with Peloton?
Seen here the stock markets have gone from bad to worse. We're in correction territory. It's a bear market. Danny this is the end of the eleven year bull run. I think yeah you know since the two thousand eight global financial crisis which which saw the market crashed thirty forty fifty percent depending on metro looking at. We've had this massive Ron. One of the longest runs the postwar era eleven years of growth on the Nasdaq the Dow and across the economy and all that came to screeching halt in like a week with the Dow Jones Industrial Average. Averaging down I think right at the second about twenty eight percent from its peak just a couple of weeks ago we were just doing. Alex and I were writing a story about the last ninety days of Corona virus and Nikon News and with shock me was the Dow hit a peak on February twelfth Nasdaq's peak was February nineteenth. This is twenty two days ago. So we've now seen completely the Go the other direction so both hit correction territory by a week and a half ago that means it was down ten percent and then we hit the bear market which is twenty percent. Now we're entering. I don't even know what we see. I don't think we have an animal for for this but now we're down thirty percent. I guess we're a Unicorn death doing market Dung Beetle market their now trademark right there so so I mean what reversal in so quickly. And I I just was told by Chris our producer that Dung beetles do not carry Kovic nineteen so if you do have Dung Beetles on. You can feel free to keep them around So we're going to keep watching this story. We've actually covering the public markets more than we kind of like to we already. Private market focused publication. But we haven't been able to look away. Tasha even looking at a couple of different stocks inside the markets have been doing things I think zoom and Peleton have been on your radar. I'm kind of curious why. Peleton was kind of a joke yesterday and the New York. Times came out with the story today about people taking it more seriously at home fitness in general scientific spike. And I know personally I plan on starting to run. Quit my gym membership. So it's definitely happening overall. Though I think for a lot of people it was a moment where they're like. Hey even if even if we don't have a million cases or hundreds of cases of corona virus. We're listening now so I think it was only a pause for anyone and everyone was certainly a pause for me. I mean I I usually get about twenty thirty steps in every morning on my commute from my bedroom to my tech crunch work desk approximately fifteen feet away but I think that the shocking part is you know. Exercise Bikes have been around a long time. Peleton had this controversy run campaign over Christmas. Alex remind me. Ipo last year our call early twenty nine lead twenty in September of last year. That's how fast the news accelerated. Everything seems so far in the in the rear view mirror. And you're like that was two weeks ago. We were at the top but Peleton. It started really. Well it's declined and now the argument is like who's going to go to equinox when economics potentially could give you corona virus so huge increase remote classes are a new thing and that sort of zoom. But I want to talk about the scale of Peleton's reason declines because we've seen the markets where price a lot of companies lately Peleton's a great example of a company that had a return to form that has been obviated by the recent market movement. So if you go back to. December peleton spiked at like thirty dollars a share. It was up quite often peo- price as accessible run today. It's nineteen dollars and seventy cents a share and it's off nearly ten and a half percent as we record right now so you start. That people thought would do well is really doing the opposite of showing you that. No one's really safe in today's public markets. Everyone's GonNa hit travels getting hit volatility is up denny sashes. Even down in Cryptos are down. It's really kind of holistic bit of value destruction across every asset class that I track at