thanks for the well-articulated article on an intriguing name here.
I haven't dug into the details, but noticed it had Y03-05, and Y14-16, 2 periods that it achieved a relatively healthy economics/margin, but both time faded in about 2-3 years.
this is a competitive space, and hard to build a durable moat that results in long term superior economics. would like to hear if you think this time is different (from the last two), if so how?
Under the Hood