Peloton’s Brand Is Past Its Prime

Chief Executive Barry McCarthy is going to an awful lot of trouble to save the sinking Peloton Interactive considering the passengers are already throwing themselves off the decks.

In a shareholder letter Thursday, Mr. McCarthy likened Peloton to a cargo ship whose alarms are sounding. He said he believes he can eventually right the ship with sustained positive free cash flow, despite hundreds of millions in cash burn over the past few quarters. But he also allowed that one’s view of the company depends on where you sit.