Becker Private Equity & Business Podcast

Episode: 6 Big Losers for 2025

Host: Scott Becker
Date: December 23, 2025

Episode Overview

In this succinct solo episode, host Scott Becker explores the “six big losers for 2025,” focusing on public companies whose share prices have dropped over 50% during the past year. The discussion highlights the struggles of several well-known firms across a range of industries, delving into possible reasons for their poor performance while infusing the analysis with personal insights and a direct, conversational style. The theme: Not all companies ride the wave of economic trends, and some big names have faced especially brutal years.

Key Discussion Points & Insights

Introduction to the Topic

• [00:28] Scott Becker sets the stage by describing the episode’s focus: six public companies whose stock prices have plunged over the last 52 weeks.
  • “So here are the six companies that have just really got crushed this past year and a couple of them are perennially getting crushed. But, but some of them are really new names to this.” — Scott Becker [00:44]

Company #1: Lucid Group (Lucid Motors)

• Lucid Group, an electric vehicle (EV) manufacturer, is down over 65%.
• In contrast, competitors like Rivian and Tesla have rebounded and are performing well.
  • “Lucid is getting crushed down more than 65% or so.” — Scott Becker [01:01]
• Positive industry moves did not help Lucid this year; their struggles are particularly notable.

Company #2: Robert Half International

• Robert Half, a major employment/recruitment company, is down about 62%.
• The specific reasons for their decline are unclear, but the downturn is pronounced.
  • “The second company on this list is the employment company Robert Half International. They also are down about 62% in the last 52 weeks. Having a horrible time, but I’m not sure exactly why that is…” — Scott Becker [01:15]

Company #3: RH (Restoration Hardware)

• RH is managed by Gary Friedman and has struggled with over a 55% decline.
• Scott highlights ongoing management issues and a tendency to blame external factors.
  • “Restoration Hardware is a company that we have a love hate relationship with. We talk about it often. But they’re also down more than 55% over the last 52 weeks. Really struggling, really poor management. They always blame it on something, some external factor, but at the end of the day might have to look in the mirror and see what’s wrong themselves with what they’re doing.” — Scott Becker [01:33]

Company #4: CarMax

• CarMax, the largest used car retailer in America, is down 50–60%.
• Their competitor Carvana is thriving, making CarMax’s struggles more pronounced.
  • “CarMax is getting absolutely crushed. They’re the biggest sort of used car seller in America. Carvana is the biggest online platform for used cars. Carvana’s knocking out of the park... CarMax getting crushed down 50, 60% again over the last 52 weeks.” — Scott Becker [01:58]

Company #5: Deckers Outdoors

• Deckers, owners of Uggs and Hoka, is down approximately 52–54%.
• Despite the apparent popularity of Hoka, sales have not translated to stock performance.
• Personal anecdote about frequent shoe purchases in Becker’s own household adds humor.
  • “Deckers Outdoor Brands has been getting killed over the last year, down about 52, 54%. It’s certainly not due to a lack of shopping in our own household as a couple of them can’t stop buying shoes, it seems.” — Scott Becker [02:19]

Company #6: MicroStrategy

• MicroStrategy, known for its leveraged bitcoin investments and led by Michael Saylor, is down about 50%.
• Its fate is closely tied to cryptocurrency swings: when bitcoin drops, the leverage amplifies losses.
  • “MicroStrategy is a leveraged bitcoin buyer. Brilliant, brilliant leadership. Michael Saylor...but because they use leverage to buy when bitcoin goes down, they really take it on the chin. I think they’re down about 50% this year after the last few years being thought of as just absolutely genius...” — Scott Becker [02:39]

Memorable Moments & Notable Quotes

• On RH Management:
  “At the end of the day might have to look in the mirror and see what’s wrong themselves with what they’re doing.” — Scott Becker [01:41]

• On Deckers & Household Shopping:
  “It’s certainly not due to a lack of shopping in our own household as a couple of them can’t stop buying shoes, it seems.” — Scott Becker [02:27]

• On MicroStrategy's Bitcoin Bets:
  “Because they use leverage to buy when bitcoin goes down, they really take it on the chin.” — Scott Becker [02:44]

Summing Up: The List Revisited

[03:04]

Scott recaps the six companies:

• Lucid Motors
• Restoration Hardware
• Robert Half
• CarMax
• Deckers Outdoors
• MicroStrategy

Listener Engagement

• Scott invites listeners to text him with podcast ideas, promising a $25 Amazon gift card to the first three suggestions selected.
  • “Feel free at any time. Text Scott Becker with your ideas for podcast 773-766-5322. If you’re the first three... we will send you a gift card for $25 to Amazon.” — Scott Becker [03:32]

Tone: Direct, candid, and occasionally humorous, Scott Becker delivers straightforward analysis while keeping the conversation approachable and engaging.