I don’t know. Every time I start to compose this in my head…, it breaks down in fractal fashion, the ultimate rabbit hole. I envision two or three notes that take off from the p/e vs. 10-year treasury. And I start with the “big picture” only to discover that each layer has its own big picture. and I am not, and never have been, a member of the Communist Party nor an organized person. I might have a copy of Das Capital on my desk, somewhere. I’m pretty sure there is slice of pizza time-stamped 2019 over there under my PSA records. My mouse (the computer one, not the pet) tracks over an 8-layer pile of scratch paper notes, mostly about UPST, but also contents of a January 2013 PNP Handbook on Operations (PNP → Philippine National Police) and an index to publication on maintaining your septic system. (Renaissance man?).
I have read UPST reviews from MF (3 of them from this week), Bert (2), Analysts’ reports from both E*Trade and Schwab, the 25 most recent UPST posts on Saul’s, and some barely legible post-its from a Jack Daniels bottle that washed up on our beach last week. And from this I dare attempt to examine the five or ten Single MOST Important Issue Facing the Share Price of UPST in the NEXT ______ (hours, days, weeks, quarters, years). You might rightly question the cart/horse position with regard to one’s holding a 50%+ position in this company. Feel free, no offense will be taken.
O.k, so this is just click-bait. Chapter one is forthcoming, but do not expect Wikipedia-like footnote encrusted structure and analysis. That’s the other guy.