Lou Whiteman

That's my question.

I'm going to make a bold prediction here, and that's that nothing is going to happen.

And there's nothing more bold than say nothing.

But look, PayPal's board just changed the CEO.

They put out an investor deck saying there's 100 ways for us to grow.

Now, I sort of think that if you have 100 ways, it probably means you don't have one.

So I'm not going to

Take that as face value.

But this is not a company that is saying, you know what, let's fire the CEO, bring in a new CEO with a plan and also put ourselves for sale.

This is someone being opportunistic, seeking to get a deal.

The funny thing here is, is that if you buy that premise that the board is not looking to sell, the only way to change their mind is to maybe get rid of the opportunistic part of it by significantly overpaying.

I think that PayPal's destiny is to be acquired one day.

I don't think it's going to be in 2026, but I could be wrong.

Lou, what'd you take from the quarter?

So I was wrong here.

I have to admit, I am also a shareholder.

I like the business long-term, but I really was worried about this quarter.

They had a rough time last quarter, and it just felt like sky-high expectations plus a tough environment for local government spending.

That might just mean growth wouldn't pan out, and obviously, that didn't happen.

The $14 billion backlog