Subject: Re: Great Earnings Report Boosts UPST
There used to be two things that were certain -- death and taxes. I think
we can add UPST management greed to that list. Last year insiders sold $68M.
It's only been a month and a half this year so far and they're already on pace
to outdo last year.

Which brings me to growth. Growth is good if they're creating value. If they're
destroying value, growth is bad. Let's compare 2024 to 2021.

            2021     2024
           -----    -----
Revenue    $849M    $653M
Expense    $708M    $809M

So even though their revenue was $200M lower last year than 2021, their
expenses were $100M higher! Perhaps there are good reasons for that, but
it certainly deserves a deeper look. If I get ambitious, I'll drag out
my magnifying glass.

Ears <no position>