The world has changed: Square is a better business than Goldman Sachs, investors think! And investors believe on Paypal over Bank of America. It is the same way IBM remains a $111 billion business when Microsoft is well above $1.6 trillion. In The 2021 Outlook, I did explain that where you operate in the smiling curve is more important than even how good you execute. Marginal cost works for Paypal unlike Goldman Sachs. Square plays at the edges unlike US Bancorp. Watch that video if you have not.
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