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  "documentTitle": "Peloton Interactive (PTON)",
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      "text": "Since Wall Street fed the belief that only revenue mattered, Peloton set firmwide target compensation in the 90th percentile. And since stock comp is especially not considered an expense, it gave grants every 90 days. When the stock collapsed, many senior executives who borrowed against their shares to avoid taxes faced margin calls.",
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      "text": "The COVID pandemic might have been the best and worst thing that happened to Peloton. The company was a huge COVID beneficiary, but management, led by founder John Foley, thought it could continue growing for a long time.",
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      "text": "In addition to the manufacturing and distribution shifts, Peloton opened dozens of fancy retail showrooms and built an expensive in-house studio for ads to attract customers at any cost.",
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      "text": "Source: Peloton Interactive Investor & Analyst Session, September 15, 2020; other publicly-available sources.",
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