I cringe at ‘business’ headlines all day.
Last week this beauty hit the tape:
Goldman and JP Morgan are the only two banks left that can lead an IPO like Peloton.
Here is the conversation at the Peloton (any upcoming company IPO) Board Meeting:
CEO – It’s time to go public
Board Member – Ok call Goldman
CEO – Yes I knew that …they lent us money against our stock months ago…meeting adjourned.
Peloton’s fate of choosing Goldman and JP Morgan was chosen a long time ago. The media is lazy and barfs out headlines like the one above all day.
The public is left to decide if Peloton is Goldman’s next Blue Apron (yes Goldman was ‘picked’ to lead that too)…
At this point, old Wall Street business is so easy for Goldman that they have decided casual attire (likely just $LULU) is acceptable.
The CEO has a problem with his employees coming to see him DJ at Silicon Valley parties in suits.
I can’t wait for the day when companies like Carta, Robinhood (biased investor) and Secfi (biased investor) and Click IPO can work their way into the process along with direct listings, but we seem as far away from that as ever.