No. of Recommendations: 4
I think a prevailing narrative is emerging: the legacy business on its last legs, Venmo has no moat and no particular advantage relative to any other similar service, FastLane is a failed effort, the lower-return white-label products are a waste of time, disruptors are going to eat their lunch, and in five years we'll all be happily exchanging fractional stablecoins or national digital currency.
Also, growth has slowed down to a crawl, which is the one unforgivable sin in tech.
Some of this can be true, and it can still be cheap. A good deal of pessimism is priced in at this point. I'm just not sure how to model the darn thing.
