Loyalty can stall because the product works too well. My wife and I were talking yesterday about Peloton. We’ve had our bikes for six years now. They work great. No complaints. No big urgency to upgrade. And THAT there’s the business problem. We wondered why Peloton doesn’t offer a buy-back or trade-in program, like Levi’s, Zara, LuluLemon and Apple do. Not as a sustainability thing, but an upgrade accelerator. I suspect the fear is resale cannibalization. If used bikes flood the market, new...