We don’t tend to post too many memes. We want our blog to be some mix of technical, and fun, without veering off into comedy.

But the below is pretty good, and summarises our views.

If you can’t read it all that well, we share the enlarged P&L below…

…which depicts larger revenues, but ever larger losses.

As a sector, not one for us.

Slow, boring banks, insurance companies, or, at a stretch fund managers, are largely it for us from the space.

Fast growing innovations usually haven’t discovered the secret sauce to squeezing more money out of lending, but often they have discovered a gimmicky way to temporary appear that way (in this case, regulatory arbitrage about what is, and isn’t credit, to shaky underlying consumers).

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Please note that past performance is not a reliable indicator of future performance.

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