[pbreit]

I agree that their product set is unfocused to their detriment. But I would disagree that core payment processing is small or low margin. In fact, their margins are north of 30%. And small business payment processing is massive even without considering international and online, two massive areas where Square has completely dropped the ball.

I don't love the lending business because it seems a bit outside their competency but I can understand continuing it since it's currently hot and they do have decent visibility into borrower ability to pay, etc.