There’s a lot of different ERP’s out there. Each one reasonable in its own way, each one referenced by some commentator somewhere with authority (ERP’s reasonable, invest! vs ERP’s super skinny, exit!).

Range is from high 1s to low 4s, very much a “choose your own adventure”.

There’s no call to action, just thinking out aloud (in other notes, we’ve gone through the acronyms and definitions, so we aren’t doing that here) ; suffice it to say there’s a bunch of different ways to calculate it, different “industry standard” ways of referencing it in shorthand, and that’s what is highlighted here. So when someone makes a point to you about the ERP, in some kind of DAA setting, you have to wonder which version they have in mind.

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