One other thing - for those who are confused by accounting profits. They made this money they are dishing out now ages ago, when they got the inflows that lead to these profits. It is a delusion to perceive profitability. There is a somewhat Gaussian curve of probabilities for how long a client will stay - not that it is predictable. You see the flows are sharply negative, and more negative than expected. That is losses in a discounted cashflow reality - just not to the accountant compiling the financials.
Again IMO
One other thing - for those who are confused by accounting...
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