It is simpler and, in my view, more honest to call this what it looks like: a structurally challenged wallet business that will probably hobble along on lower unbranded‑style margins while management uses the cash flows and data to fund a portfolio of speculative growth engines. That may still work out for shareholders, but it is not the kind of bet that fits a preference for simple, product‑centric businesses with clean, easy‑to-underwrite unit economics