[Rhotchkiss]

Peter, gotcha. I dig. I still think the lending business, even with the chance to make money off sales of defaults, is too thin to be a succes as a stand-alone business.

Mike, I make no comment either way on the vault. Seems like a good enough place to store and display cards as any; although I like having mine close and taking them out and looking at them. Perhaps the lending is just a concomitant to the vault, and is all part of an integrated platform.

End of the day, Brent has done one heck of a job with pwcc. It’s hard to bet against that success (although I am dubious about the lending biz, as a stand-alone enterprise).