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  "documentTitle": "Peloton Interactive (PTON)",
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  "notes": "Includes a specific example of a competitor's (ProForm) aggressive pricing strategy to illustrate market saturation.",
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      "text": "Citron believes Peloton’s glory days of hardware sales are in the rear-view mirror.",
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      "text": "Consider this fact regarding Peloton's hardware – Peloton has spent almost $600MN over the last 3 years in marketing to capture the high-income low hanging fruit while competition was low.",
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      "text": "Note: legal experts don't believe Peloton has a real case as noted in Bloomberg Law:",
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      "text": "No one owns this stock for the equipment multiple. If Peloton were to be considered an equipment company, it would be trading at $5 today as the leading gym equipment manufacturers (e.g., Nautilus and Life Fitness) trade/have sold at an EV/Sales multiple of 0.3x-0.5x.",
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      "text": "Peloton didn't invent computerized exercise equipment that could let users compete remotely with other users. Nor did it invent the touchscreen, the exercise bike, spin classes or on-demand programming.",
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      "text": "Peloton didn’t invent computerized exercise equipment that could let users compete remotely with other users. Nor did it invent the touchscreen, the exercise bike, spin classes or on-demand programming. — Bloomberg Law",
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      "text": "$0 No money down, $39 per month, 36 months, 0% APR financing",
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