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No. of Recommendations: 5
Hi Ray,

Thanks for the kind words albeit undeserved.

It is a long term investment for me. The $28 price implied the market saw no competitive
advantage period for UPST going forward or any ability for UPST to generate returns above
their cost of capital. My assessment differs which is why I bought. The fact that the price took off
after that was just luck and says nothing about whether my decision was good or bad.

Much has been made about the recent CFO conversation with the Barclay analyst. From my view it
was mostly more noise. The most fascinating part of the conversation was something no one picked
up on -- he made an interesting observation about the auto refi business vs new auto business. They
chose the refi business to get started because their model gives them an advantage in capturing
existing loans and is most like their personal loan business. But if their new auto loan business
succeeds it will be at the expense of their refi business. The customer will already be getting the
best rate from their new auto program and won't need to refi!

Best to you,
Ears
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