Many lenses. I do like the authors focus on one. But you’re right it doesn’t tell the whole story. Op margins are a great way to think about where one might se

Many lenses. I do like the authors focus on one. But you’re right it doesn’t tell the whole story. Op margins are a great way to think about where one might see mean reversion, which then flows to net. Ie are there structural reasons for the op income or is it a maturing sector which will attract new entrants.