If the yield curve doesn’t improve, we can’t win?
So the entire company is just a macro bet on things the company can’t control?
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Pretty much sums it up. Cutting costs is an exercise for senior management to pretend they actually add any value to the business. No investor pays up for EPS growth from cost cuts. Where is BK going to get real revenue growth? I dunno. Every line of business they are in is either in a no or low growth market. You are not growing at double-digit "Visa" type rates no matter how many McKinsey consultants or "digital" departments Chuckle-head hires