Lessons From The Grocery Trade

I don't like businesses that don't own stuff. Ocado is a grocery delivery company that makes my life hell. On a recent day there were three of their vans delivering upmarket groceries on our cul de sac at the same time, making a hell of a racket. This is a company that went public in the UK last year and has since lost over a third of its value and failed to use the proceeds to toll out new logistics centers. It is now also facing direct competition from Waitrose the co-operative supermarket it delivers for, since they're about to launch their own delivery service.

For those of you involved in online TV doesn't that sound familiar?

Yes, Hulu.

Owns nothing apart from logistics. Being threatened by competition from its own shareholders. In a highly competitive market. With poor buying power compared to incumbents.

Now, who would IPO that?