MNW v MBE, page-14

Can I say that the way this has been sold down today reinforces to me that the trading patterns have been largely driven by a single or few day traders who trade a small spread with high volume. The way the sell side was just hit then tells me that some muppet read something, panicked and cleared their inventory.

I think the Apple Pay is a threat but the size of the threat is overplayed. It doesn't replace credit cards, you still need a credit card to use it. Mobile Embrace doesn't require credit cards, it is an alternative.

I continue to think of places like India that has low credit card penetration but high mobile penetration, massive opportunity. Or kids who have a mobile but no card, again big opportunity.

I think this has been overplayed, but we'll see where it settles. Shame, it broke a pretty good looking pattern.