That and inventory risk. It's a tale as old as commerce. You start by operating a service (brokerage, mortgage underwriting, web storefront, SaaS/PaaS, etc.) Y

That and inventory risk. It's a tale as old as commerce. You start by operating a service (brokerage, mortgage underwriting, web storefront, SaaS/PaaS, etc.) You get really good at it, and decide that you might start to warehouse some of the inventory that your customers handle, to improve efficiency and bundle/upsell. Time passes and the value of the inventory you hold exceeds and then dwarfs the value of your platform/service business. Then market conditions change, the value of your inventory declines, your budget blows up and you go bankrupt, learning the hard way that combining two businesses with very different capital dynamics is hard and hazardous. Also there is a difference between subprime lending and responsible lending that is nonetheless susceptible to interest rate risk. So far we have mostly the latter.