Beyond Stupid and Beyond Absurd has many different fronts
Saddled Up on the Trail
Recent media attention has been given to a company called Beyond Meat (BM).
The company recently wowed Wall Street with its’ high flying stock IPO (initial public offering).
BM’s stock price has risen from $25 per share to almost $100 per share.
BM produces fake meat, and their new signature product is called “Beyond Burger,” which is supposed to taste like a real hamburger.
BM’s product is allegedly made out of peas and fava beans.
One review on the “Beyond Burger” compared the product to eating a “dry rubbery patty.” The self-proclaimed vegetarian compared the eating experience to the “cheap frozen hamburgers” he ate in high school.
The school kids used to call them “soybean burgers.” You could eat them if you had enough ketchup.
So how does BM pull off the most successful stock IPO in recent times, and is now valued at over $5 billion, with 2018 revenue of $88 million and a net operating loss of negative $29 million?
Hype about the potential for the growing plant based alternative food market by zealots who hope to replace the animal protein and meat market.
Don’t you know that ranchers and beef production are destroying the environment?
New York City Mayor Bill de Blasio has announced his “New Green Deal” for NYC that includes a provision to reduce beef purchases by 50 percent at all city controlled hospitals, prisons, and schools.
All in the name of saving the environment.
Now that’s Beyond Absurd!
Not everyone on Wall Street is convinced that BM is worth 60 times revenue (not earnings).
Famed short seller Andrew Left of Citron Research recently tweeted that BM’s stock value “has become Beyond Stupid.”
Left went on to tweet that the stock was “the most heavily traded stock on Robinhood, market cap bigger than industry.”
To put things in perspective, Tyson Foods, Inc., America’s largest meat producer, and the world’s second largest meat producer, is valued at just over $24 billion, with annual revenue of over $40 billion, and net revenue of $3 billion.
You don’t have to be an MIT mathematician grad to see what Andrew Left is talking about!
As for livestock production destroying the environment, let’s look at the baldfaced truth of the facts.
First of all, for the record, the methane that is released from cows primarily comes from the front end of the animal, not the back end.
Second, according to the EPA, total direct greenhouse gas emissions from beef cattle in the U.S. is estimated to be 132.4 million metric tons of CO2 equivalents.
In comparison, Mayor Bill de Blasio’s NYC contributes over 50 million metric tons of CO2 equivalents from his city alone.
Talk about hypocrisy!
Why don’t we just do away with NYC and let the rest of us in this nation eat our beef?
Save the environment by reducing beef purchases in half?
What a joke!
The EPA estimates that overall direct emissions from beef cattle is about 2 percent of the nation’s total emissions. Globally, the UN FAO’s estimates that beef production contributes 6 percent of all global CO2 equivalent emissions, and that includes land use and feed production impact.
Since only 10.6 percent of the earth’s land is considered “arable land,” the contribution of beef cattle in converting non-human edible grasslands into a highly nutritional protein source for mankind is irreplaceable.
As for BM, I often think of when my grandmother would ask if I needed to do one when I was a child.
The fact is.
Beyond Stupid and Beyond Absurd has many different fronts.