The pandemic trade is over

January 20, 2022, 3:03 PM

CNBC broke the news that Peloton is stopping production of its hardware for a while. The first from May 2020 was compared and contrasted.

And today.

It's a cliche to call an event after it has happened, but it's fair to say that the trade is over.

The concept was simple, as COVID-19 spread across the planet, people began to lock themselves up and work harder to avoid infections. The impact was wide-reaching.

The stock market's best impression of a falling rock was crashing lower and lower as fears about economic decline spread. The ever-ebullient venture capital class paused from their investing exuberance.

The new economic landscape that COVID brought, but not all, was going to hurt some businesses. As many other investments were risky, they bid up the value of those assets. The value of some firms went up.

The valuations of tech companies rose sharply in the back half of 2020 and through much of 2021. As last year drew to a close, that began to change.

The era of ultra-rich software valuations may be over.

All gains for cloud firms were wiped out when the worth of publicly trade software companies fell. The software valuation gains from 2020 will be cut in half because of the selloff.

Valuations are coming back to Earth after the trade for software is over. The same thing is happening to companies that make mints in the home exercise markets. Many people were very excited when the value of Peloton went public.

The shine has left the silver.

The image is from YCharts.

Today, shares of Peloton are off 20%.

The trade was fun. It's over.

You can copy.

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