What the operating posture was in Q4 2020

This quarter, operate in Growth Mode mode: scale the strongest plays, invest in growth engines, and keep payback discipline steady. Capital is cheap and risk appetite is healthy. Move quickly to capture share.

Standing guidance: scale the strongest plays, invest in growth engines, and keep payback discipline steady

Closed period ending Dec 31, 2020. This record does not change.

Operating constraints that applied

• •Prioritize speed and distribution over polish.
• •Accept controlled waste to win market share.
• •Invest ahead of demand where signals are strong.

How the period actually split

Derived from 13 weekly readings inside Q4 2020.

• Expand92% · 12 of 13
• Guarded Expand8% · 1 of 13

Posture changes inside Q4 2020

• Dec 25, 2020Expand → Guarded Expand

Signals of record

• Policy base rate (1M)0.08%
• US Treasury 2Y0.13%
• US Treasury 10Y0.93%
• Yield curve slope (10Y - 2Y)0.80%

Source: US Treasury Daily Treasury Yield Curve Rates (via FRED) · View series

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What is the posture now?

Q4 2020 is a closed record. The current call, what to do this week, and what would flip it live on the weekly brief.