Appreciate the comment Tarun. "Merely stable" isn't a given in my opinion. Transactions per active account declining, active accounts flat, third CEO in three years, competition pressing from every angle. Stable is a bet, not a baseline. Don't get me wrong, at this price it's probably an asymmetric bet. But the whole point is that I believe there are better CAGRs elsewhere with simpler theses and less to figure out.
Well put.
Thanks!
Just want to say thank you for writing this out! Have a great weekend 😁
No problem Tank - you too!
Appreciate the comment Tarun. "Merely stable" isn't a given in my opinion. Transactions per active account declining, active accounts flat, third CEO in three years, competition pressing from every angle. Stable is a bet, not a baseline. Don't get me wrong, at this price it's probably an asymmetric bet. But the whole point is that I believe there are better CAGRs elsewhere with simpler theses and less to figure out.