I have only just finished reading the latest update and thought...

I have only just finished reading the latest update and thought it timely to cherrypick a few observations;
Whats to like
Reducing competition - barriers to entry due to tightening of regulations
No loan plans competing against PDP vendors
Opportunistic purchasing of already performing portfolios
81% purchases from contracted forward flow agreements
Onboarding of increased data analytics and AI
Moving to more scalable infrastructure
Founder alignment 15%
Long term remuneration targets with optimistic hurdles
Whats not to like
Reduction in forward momentum of purchases
Increased reliance in older PDPs meaning leaner collections and balances remaining to rely on
Tiny upward trend in pricing said to be influenced by vendor preconditioning of loans - meaning they have already been checked likelihood of payment
Small but continuing downward trend in performing portfolio balance

More to like than dislike and the fact that CCP the main competitor is facing admitted challenging times it does paint a reasonable picture for PNC. The difference in the forward guidance from PNC and CCP is considerable but I would remind investors that KJ has always erred on the favorable side while CCP have maintained quite conservative outlooks and in the main have performed better than guidance. I still hold both and think there is merit in both positions.