Coinbase: credit normalisation is not in the card book
Normalisation is arriving faster than the provision schedule anticipates. That is an earnings problem before it is a capital problem.
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Discussion · 4
Finally someone put numbers on this. The cohort split is the detail that everyone leaves out. Curious whether you would still size it the same at a higher entry.
This changed my mind. The lag between intake and revisions is the whole trade. Where does this break if rates back up another 50bp?
This is the clearest write-up I have seen on the name. The margin bridge is doing more work here than is acknowledged. Curious whether you would still size it the same at a higher entry.
I have been waiting for someone to make this argument. The mix argument is the part I had not considered properly. Does the same logic apply to the closest comparable?