Taken as a unit or class of businesses that's true. But the individual picture... I think JPM has taken the median of outflows, and the median of inflows - not

Taken as a unit or class of businesses that's true. But the individual picture... I think JPM has taken the median of outflows, and the median of inflows - not the median of margins. I can't say from the report, but I wonder if business margins are partitioned into (a.) positive and above $7/day, and (b.) negative margins (for those businesses heading into the 9-12% of business exits per year). On the other hand, the report also says that inflows and outflows are highly correlated, so the variance in margins away from $7/day must not be too high.