Lou Whiteman

Share count is down about 20% over the last five years.

That's good.

PayPal is a mature business in a really, really competitive industry.

Everywhere they want to go, there's a ton of other options.

This is not

one that I personally want to lean into because I do think it is what it is.

But I don't think that it's a trap as in it's destined to fail.

I think that this is a market performer at worst.

Look, they have some good assets.

They have good products.

I just don't know if I can get a wow out of this one.

I'm more open to the idea that Adobe and the Trade Desk can outperform from here than I am PayPal.

How can we even have this conversation with a company that's valued at 65 times forward earnings?

This is not a value, period.

It may work out as an investment, it may not, but it is not value.

You can give me enterprise value to sales all you want, but look, this is a company that is still in the point of its life where it's, let's try everything and see what sticks.

It could work.

I compared this company to Icarus before.

They are trying to fly, but not too close to the sun.

It could work out, it could not, but I don't even know how to look at this as a value or a value trap when relative to what the business actually is, the stock just