What the operating posture was in Q4 2021

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, 2021. 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 14 weekly readings inside Q4 2021.

• Expand93% · 13 of 14
• Guarded Expand7% · 1 of 14

Posture changes inside Q4 2021

• Dec 24, 2021Expand → Guarded Expand
• Dec 31, 2021Guarded Expand → Expand

Signals of record

• Policy base rate (1M)0.06%
• US Treasury 2Y0.73%
• US Treasury 10Y1.52%
• Yield curve slope (10Y - 2Y)0.79%

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

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What is the posture now?

Q4 2021 is a closed record. The current call, what to do this week, and what would flip it live on the weekly brief.