This episode of Winner Take All starts by looking at Peloton, a downtrodden exercise equipment and "media" company that activist investors are peddling to everyone from Disney and Netflix to Berkshire Hathaway. Alex comments on why he thinks the business is in decline and criticizes Peloton for claiming to have Network effects. Next, discussion on why music isn't profitable for Spotify, how the company's cash flow is not as it appears, and the controversy surrounding its marquee podcaster Joe Rogan. The episode closes with news of Facebook stock being wiped out in the biggest one-day drop in stock market history. NOTE: We forgot to record the outro so sorry for the abrupt ending. We promise to tell you to "have a nice day" at the end of the next episode. 00:00 - Subscribe and Fight Big Tech 00:22 - Will Peloton go out of business? 07:34 - Music is bad business for Spotify 15:07 - Facebook Stock Plummets #PelotonStock #Spotify #FacebookStock