Visa

12575.342 - 12598.838 Ben Gilbert

Yep. So my TLDR on the bear case is the core business matures, so that tailwind lessens. The debit networks get sort of chipped away at. More rails emerge for each use case that sort of, again, has further chipping away at their available use cases, even if not the actual ones that they're using today, but the ones that they could go tackle in the future might get eaten by other people.