The only really interesting breakdown I’ve seen along these lines was a dissection of how cheap Starbucks’ cost of capital is due to their gift card system. It’

The only really interesting breakdown I’ve seen along these lines was a dissection of how cheap Starbucks’ cost of capital is due to their gift card system. It’s quite a remarkable business they’ve created totally apart from selling coffee! In my opinion frequent flyer points are only interesting to consider in terms of the implications of a currency that will only get shittier over time.