The model is Peloton, whose stock skyrocketed during the pandemic as people bought its bikes — and, more important, paid for ongoing subscriptions. Other pandemic-era fitness winners include Strava, the fitness-minded social network, and Mirror, an exercise start-up that Lululemon bought for $500 million last year.
The big question: Without pandemic lockdowns, will people still pony up for pricey home-based sports gadgets and services, or will they return to their sweat sessions out of the house?
— Jamie Lee, quoting his father, the legendary JPMorgan Chase banker Jimmy Lee, who died in 2015. The younger Lee left banking this year to start a venture capital firm as the lure of investment banking fades for the youngest members of the work force, The Times reports. (DealBook also recently tackled the topic of junior banker burnout.)
Three of the biggest stories to watch:
▶︎ Robinhood trades on Robinhood. The stock trading app is set to price its I.P.O. on Wednesday, at a valuation of as much as $35 billion, and begin trading on the Nasdaq the next day. Robinhood plans to sell up to a third of its shares directly to its customers, which may stoke volatility. But the greater risk for Robinhood could be regulation. The company is facing nearly 50 lawsuits related to its decision to curb trading during the meme-stock trading frenzy early this year.
▶︎ The Fed wrestles with inflation. The central bank, which meets on Tuesday and Wednesday, is not expected to change its policies, despite inflation running at its fastest pace in 13 years. Jay Powell, the Biden administration and many economists think that price increases are temporary.
▶︎ Evictions resume. A nationwide ban on evictions will expire on Saturday. Some local and state governments, including California and New York, have their own eviction moratoriums that will remain in effect. Congress has allocated $45 billion for assistance to landlords and tenants, but rollout of the aid has been slow.