Birkenstock IPO Ugly…In More Ways Than One
(00:00.554)
Okay, I know I’m gonna offend some people with this. The Birkenstock IPO, ugly in more ways than one. Yeah, Birkenstock goes public and for the life of me, I heard about this and I’m like, Birkenstock? My relationship to Birkenstocks were, you know, the kids that I knew back in college that used to travel around and follow the Grateful Dead around or when I used to go visit my brother.
up in Vermont, you know, Birkenstocks and patchouli oil stuff. All due respect. I wouldn’t be caught dead wearing a pair of those things. Sorry. You know, so I’ve said this IPO was ugly in more ways than one. Anyway, this is a 250 year old German sandal company. And listen, you know, you got to hand it, you know, the Germans make a lot of really nice things there.
but shoes, not so much. Anyway, anyway, people love them. People like them. Oh, they’re so comfortable. Yeah, but they don’t look very nice. Anyway, why? You’ve been around for 250 years. Why are you going public? Why? You are in a business where you make a certain type of shoe that, yeah, I guess Barbie wore a pair of Birkenstops in the Barbie movie towards the end.
and all of a sudden they’ve gotten popular again. Maybe during, were they popular during the grunge area? No, it was more combat boots at that point in time. So you got a certain style that’s gonna go in, it’s gonna go out. Yeah, you still get the people following fish around, but again, the Grateful Dead crowd is kind of going by the wayside.
Why was this important? Why did you need to go public? And did you happen to take a look at the valuation of this company, which was patently absurd? Patently absurd. I mean, they priced this IPO like a bloody growth company, like some sort of tech stock that was developing AI. It’s a 250 year old sandal company for crying out loud. Now I get it. You wanted to take it public, I don’t know, maybe at $18 a share, but at
(02:20.078)
46. I don’t know, last time I checked the thing is down almost $10 from its opening price for crying out loud. Again, this is actually a good sign in my business because again, we’re always trying to help investors and warn them that guess what? The big brokerage firms are not looking out for you. People are starting to wisen up.
I’m glad to see it. They’re starting to wisen up to all the IPO hype nonsense and recognizing that when these companies go public, they are way overvalued. Sorry if you like Birkenstocks, I made fun of your footwear. I’m just joking around, all friends. Watchdogonwallstreet.com.
