Interesting write-up, thank you. I think what is crucial here is the defensive flexibility of the business: 2009 and 2020 are both great precedents for what could happen in a cyclical downturn, and the firm was profitable in both scenarios. A recession and generally shit macro are without a doubt the biggest concern.
Interesting write-up, thank you. I think what is crucial here is the defensive flexibility of the business: 2009 and 2020 are both great precedents for what could happen in a cyclical downturn, and the firm was profitable in both scenarios. A recession and generally shit macro are without a doubt the biggest concern.