PYPL — deposits are stickier than feared
Credit normalisation is being mistaken for credit deterioration — there's a gap.
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PYPL
PYPL
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Notes mentioning PYPL
3PYPL — deposits are stickier than feared (Part 2)
Deposit betas are behaving better than the bear case modeled.
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Reading PYPL into the next print
Subscribers get the full thesis, the levels, and my positioning on PYPL. Subscribe to read on.
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