Nubank: David vs Goliaths - [Business Breakdowns, EP.123]

29:18Most likely the client's going to be in their 30s, early to late 30s. They're going to use three to four products, which are going to be the core product, so credit card, personal loan, bank account, and then maybe an investment account or an insurance product. And in most cases, so 40 % of their client base, they are going to earn anywhere from two to five times the minimum wage in Brazil, which is 1200 to 6000 rails. So in dollar terms that translates into 250 to about $1 ,300 in income per month. So if you look at New Banks latest fiscal quarter, you can do some crude approximation to come up with a hypothetical monthly revenue stream for that client that I just described.

29:58So on average, they're going to have an outstanding credit card balance of about $285 of of which 65, so a quarter that is revolving and or interest earning in installment balance. So in other words, just the portion that earns interest. And this interest earning balance will generate about $4 per month in credit card interest for new banks. So that's about a 7 % monthly yield on the revolving balance, which is an APR of 80%, which happens to be about a quarter of the average APR for credit cards in Brazil, which is 260 percent. And so part of that is of course, New Bank is pricing lower, and that's one of their value propositions.

30:42And another part of that, and much smaller, is due to the fact that their product mix is also across other geographies, Mexico and Colombia, that have much lower average APRs than Brazil. So the ones in Mexico and Colombia are trending towards 50 versus 260 in Brazil. Then from there, there's about $120 worth of purchases that were made on that card during the prior month that would have generated almost $3 of credit card merchant fees, which New Bank would get a buck 35, or about 1 .1 % before sending the rest to master cards. So those are New Bank's interchange fees. They may have a personal loan.

31:22So say this person is earning five times Brazil's minimum wage. So I'll go to the top end of the range in the example that I gave. So that's about $1 ,300 per month. So I'd expect their loan size to be around $360 on which they'd pay about $15 per month in interest to new banks So that's about a four and a half yield per month of 50 % APR of course personal loans are yielding less than credit card balances Then you've got a bank account balance that's gonna be about $300 across checking and savings account deposits end up making about 75 % of the capital deployed across non -client financial assets.

32:05So if that bank balance, those $300 generate about $2 per month in market -based revenue for new bank from its bank accounts. And that's before netting out the cost of deposits, which is about 80 % of the interbank rate. And then finally, they generate about 50 cents worth of non -interest income. So between late fees and other forms of permissions say transactions, AUMs on their investment account or buying insurance through the platform. So you add it all up. That's about $23, $24 in revenue per month for the average client that's been with the company for five or more years. Let me ask a question.

32:46It's a little bit more specific about the business, but stood out to me. The APR should seem pretty extreme. What is it that that allows them to price the loans to such an aggressive return. It's a combination of where base rates are in Brazil and the nature of the credit market in Brazil. The Interbank rate is at around 13 .8%. Everything will then just base from there. That explains a large part of the difference. But the other part is that the Brazilian market and the credit market is so underdeveloped, it's such a small part of retail financial services that essentially get to gouge. And so I also want to take this opportunity to compare and contrast the revenue model of New Bank versus that of a traditional bank holding company in the US and the lack of similarities between them.

33:45It's not too difficult to loan money. It's getting it back, which is the hardest part. They overindex it seems like to consumers versus small and medium -sized businesses. Perhaps it's part of the opportunity for growth here, but I'm just curious how you think about a consumer -focused bank versus one that uses consumers for deposits and provide services versus one that's a very, very deep integration into consumer finance throughout Brazil and then broader Latin America. A good way to showcase new bank's profitability is to take traditional banking profitability metrics and then use those to compare against the large incumbents and then see how new banks stack from a classic Wall Street point of view.

34:28I'd argue that the metrics that matter the most are net interest margin efficiency ratios and ROAs. Net interest margin is the strongest indicator of pricing power, right? it speaks directly to the spread of the banks can generate between what they pay on their deposits versus how much they can charge to lend their money, which by the way in most places in the world, including Brazil, is kept by user laws. So the only way that a bank can generate above average nims is by either getting depositors to take below average rates on their savings or checking accounts or by lending out to clients that are willing to pay above average rates on their credit cards or loans.

35:11You're generally going to see the bigger banks having an advantage here and particularly when it comes to their cost of deposits because they offer bigger networks of branches and ATMs which is usually a valuable amenity for a lot of consumers. They've got a wider breadth of products. So in other words, they become a one -stop shop for all your financial needs, convenience, which is another important amenity or simply because they're perceived to be safer than smaller banks. Despite having deposit insurance And by the way, we lived through that here in the United States with a regional banking crisis that we saw.

35:43A lot of these banks were solvent, were steady, they were FDIC insured, and nonetheless, people moved their deposits into the bigger banks because there's this perception of safety, which many cases turns out to be true. One example that really exemplifies this competitive advantage that the larger banks tend to have is that here in the United States, the five largest banks paid an average interest, the 40 basis points on savings and money market accounts during the last quarter of last year versus 214 basis points for the highest yielding ones. Yet those largest bank accounts collectively still hold half of all the money kept in those types of accounts.

36:24So the conclusion is if your new bank and EW and you want to attract deposits to provide credit, you generally have to price very competitive. The products are just not as commoditized as many people expect them to be. And so relating that to New Bank, as you scroll through their history, you can see their pricing power improve as their brand begins to gain affinity with consumers. When they first started taking deposits, their names were trending at about half that of the incumbent average. So 7 % versus 14 % for the incumbents, but his time went on and their brand gained affinity They caught up and so as a last quarter on an annualized basis their names are at 15 % Which is in line with the current average of the consumer segment of the incumbent banks now to be fair And this is an important caveat on average about 60 % of the consumer loan books for the big banks in Brazil are mortgage, auto, and payroll, which earn much lower rates.

37:37And those are segments that new bank has no presence yet. So there's product mix queue when I say that new banks' names are aligned to the big banks. If the big banks were disclosed their names on a per -product basis, I'm sure that it would still be higher than new banks. But it's still an impressive feat because at first as new bank was growing they were offering cheaper loans And higher deposit rates to attract clients which of course part of the competitive advantage of a digital bank is you could afford to do so because you don't have the overhead of branches But the fact that they've been able to narrow that gap so substantially is evidence that their user experience and their design is providing customers just strong value proposition that's feeding into their profitability.

38:25So that's meant, then there's efficiency ratio, which is just OPEX expressed as a percentage of net interest income. And this is really a way to quantify operating leverage. That's why it becomes important for banks. So obviously selling money is one of the most scalable businesses in the world. And with enough scale, you're eventually going to get to a point where marginal costs become a function of the number of clients that can be served for employee branch office. And so this is why for banks, compensation will usually make up most of their operating expenses. It's because people are the least scalable part of their value chain.

39:01And so as you grow your revenues, the incremental cost to producing those revenues comes almost exclusively from additional front, middle, and back office personnel that's required to service those new clients plus branches and offices or whatever real infrastructure that they're going to need. So not surprisingly, New Bank has the lowest efficiency ratio amongst the established banks in Brazil. It's about 20 % lower on average. So theirs came in at around, I want to say, 39 % last quarter versus over 50 % for the incumbents. And this one's obviously very easy to understand. I mean, it's the premise of the digital banking model, but you don't need physical branches to open accounts or process transactions.

39:42The scalability of each employee will improve. the person sitting in Sao Paulo can provide service to a client there just as proficient me as it can to a client based in Rio. But I think the KPI on the efficiency front that strikes me the most about new bank is its client to employee ratio. So on average new bank has 8 ,000 active clients per employee. Whereas the top incumbents have about 400 active card clients per employee. So more efficient than the traditional banks. New bank generates about $100 ,000 more in revenue per employee than the big banks, despite generating a tenth of their total average revenue, which is just a pretty wild stat.

40:30And so what this shows to me is that the runway for additional operating leverage as their business continues to grow is still very strong. And then the last metric that I wanted to highlight was return on equity. So ROE tends to be the most relevant metric for bank that's as opposed to ROIC by virtual of how banks get capitalized. So since a large portion of their funding comes from deposits over 50 % to new bank's case, about 40 % from a large incumbents. And since the cost of these deposits is much lower than the cost of equity or debt capital, So it would be misleading for an investor to look at ROIC for a bank if they wanted to compare the profitability across other different industries.

41:13So R .E. just ends up being a much pure metric. And in the new bank's case, if you look at their consolidated operating business, so including Brazil, Mexico, and World Columbia operations, their annualized ROI in the latest quarter was 11 % as compared to Itaou and Banquilo Brazil, which are two of the largest and most profitable banks in Brazil. Those are hovering at around the 18 % mark. But here's where it gets exciting for investors. New banks' consolidated business ROE, unadjusted, tends to be misleading because it includes a capital position that's three times in excess of the regulatory requirement.

41:57That's what I highlighted as I was walking through the revenue split. And so this gap in R O E, the 18 % for large banks versus the 11 % for new bank, is driven by a low on the numerator side. You've got Colombian and Mexico operations that are still losing money, but that's a very small part. Last year, they only lost 30 million. But on the denominator, as I referenced, New Bank's capital's position is three times in excess of their regulatory capital requirement. So if you were to isolate New Bank's operation in Brazil, so you take their total net income and exclude losses from Colombia and Mexico, which like I said are still insignificant, and then apply that income as a return over there, what is called prudential regulatory capital.

42:41So it's the type of institution that they're referred to as prudential. New Bank, Brazil's annualized ROE increases to over 40%. So that's nearly twice that of itau and Banco de Brazil. I have a pretty strong appreciation for how the business makes money, how it compares to its peers. But I guess beyond further penetrating their user base, what are the other opportunities that you think the business has and it's kind of product for a map going forward here? There's a lot of ways to approach this answer. Maybe a good way is to start by going through their unit economics, because I think that's gonna help visualize the future opportunity better, because a lot of it is based on cross -sounding and upselling, and then looking top down to see what segments and Geos, they're still not participating in.

43:38Analyzing contribution margin, and per client tends to be unconventional for a traditional bank. But in NewBank's case, it's really helpful for highlighting the platform scale, which is going to go to answer your question, and then their key value drivers. And by the way, this happens to be the key metric that NewBank uses to articulate their strategy. So contribution margin per client. And so under this framework, the earnings power of their business really gets premised on foreign inputs. So it's the number of active clients on their platform. The cost to acquire those clients, CAC, which in NewBank's case has been remarkably low amongst the lowest for Fintech companies in the region.

44:22And that's because 85 % of the customers historically have come through word of mouth. So this member -get -member program that they have where on the app it's the one tab feature that gets you client referrals immediately. And then there's R -PAC, which stands for average revenue -peractive client. So that's total revenue divided by the number of active clients and then finally cost to serve each client Which is really just the opx attached to the customer experience and then adding transactional expenses to that To put it all together our pack minus cost to serve gets you profit contribution per client That's before the costs of the overhead to run their platform and so their strategy essentially focuses on adding and activating as many clients to their platform as they can for the lowest possible acquisition cost of course, driving R -PAC by increasing engagement per client through cross -selling and upselling and then leveraging the scale of their technology so that their cost to serve customers remains constant on an absolute basis as they continue to add new clients.

45:29And it has been extraordinary to see the evolution of those metrics for new banks. So when they first started reporting them, so 2018 is the earliest data that we have. Their monthly contribution per client was about $3 .40. So they had about 5 million active clients with an average monthly R pack of 480 and a cost to serve of about 40. Today, that's up to 780. So from 340 to 780 today, they've got 64 million active clients on their platform with an average monthly R -pack of $8 .60 and a cost to serve of 80 cents. So that's a 20 % Kager in profit contribution per client across four and a half years.

46:13Their CAC last year was $6 .50. Like I said, amongst the lowest in the space of which marketing spend was $2, so about 30 % of that, which tends to be a fraction of what you spend in marketing in the US. And the remainder, 450, was what they spent on credit and data costs. So what they pay the credit bureaus and then the printing and shipping costs. Which means that if you put all that together, they're able to recover their acquisition cost in less than a year. Then depending on the inputs and assumptions that you use to come up with your LTV, your customer lifetime value, you can figure out the amount of net present value that every dollar towards customer acquisitions generates.

46:56And so in new banks case, internally they use a 12 % discount rate with a 10 -year assumption for the life of the client, which gets you to an LTV -Cock ratio that's over 30 times, which is just exceptional by any standard, even compared to tech companies in the United States. I mean, I think it's better than Facebook during the time that Facebook was transitioning to mobile. So, very long way to answer your question, but their future opportunity, I mean, there are one way for growth and profitability is just incredibly attractive. From the macro view, retail financial services in last time is about a $200 billion revenue pool.

47:30New Bank currently has 3 % of that. Brazil, Mexico and Colombia combined are a $122 billion revenue pool. New Bank has 5 % of that. Brazil alone is 90 billion of which New Bank has 7 % of that. So, as you can see, the runway is very long. So, in Brazil, they only have products for about 70 % of that 90 billion dollar revenue pool. So, on their consumer side, they offer no mortgages, auto loans or payroll loans yet. and they're just now starting to go after the SME space, small and medium -sized enterprise, which is about $17 billion in revenue. They're currently in beta testing for payroll loans, which is the largest on one of the lowest risk asset classes in the consumer finance space in Brazil.

48:21It's a $14 billion revenue pool on $120 billion worth of loans. So, Newback has a very good shot at achieving high penetration in that market because they're existing customers already account for 31 % of the entire payroll market in Brazil. So, they don't really have to fish outside their pond. And I'm only talking about Brazil. If you then think about Mexico and Colombia, those are still very early markets for them as well. They're less than three years in. And despite their age, the performance there has been more positive than what they experienced in Brazil's first three years. New Conta, which is their bank account in Mexico, launched in May, and they reached a million clients within a month.

49:04It took Brazil closer to six months. So the virality that we're seeing in these new geographies is much stronger than what it was in Brazil at the same time. And to finish off the top -down view, all of Latin America is a $1 trillion market cap opportunity of which new bank currently has less than 4%. So seeing that way, it's just extraordinary. Now from the bottom up, the potential of their cross sell and up sell opportunities only about a fifth of the way realized. So their average monthly R -PAC is $860, as I mentioned, whereas the average monthly R -PAC for their mature cohorts is at around $24.

49:45Which by the way happens to be in line with Ibao's R -PAC that just for segments where our new bank still doesn't operate, which are the mortgages, auto loans, and payroll. And for reference, it does R -PAC including those segments where new bank still doesn't operate is $45, which if you wanna use a target for new bank's potential R -PAC in the future, I mean that could be one number. Another notable trend is that their younger cohorts are showing faster acceleration towards higher R -PACs. So whereas it took their oldest cohorts It's about 50 months to get to an average monthly R pack of 860.

50:20Their new cohort are getting there in almost half the time, so about 30 months. And then it takes about another 2 .5 years to get to $24. If you extrapolate all those trends forward, that represents an $18 billion revenue opportunity for new bank. Within five to six years, with zero acquisition costs and zero cost to scale. And if their cost to serve for client remains stable, which by the way they have over the last eight quarters, despite having grown their number of active clients by over 50 % in the same time period, that's $2 billion of profits before the end of the decade without factoring any operating leverage, any new product segments that I just described, and most significantly no new clients on their platform.

51:04So it takes us to the logical question, which is banking is a difficult business. There are meaningful tail risks, almost inherent in many financial institutions. And there's all that edge around investors that you never want to buy a rapidly growing financial institution. And so I posit to you the question then, what are the biggest risks of this story? Obviously, you highlight a number of incredibly positive attributes and the proof is in the achievements that they've accomplished thus far. But clearly there are risks inherent in any story. What keeps you up at night when you think about this business?

51:45Look, bank investors are always going to be concerned about credit liquidity and market risks. And to your point, credit is going to be probably on the priority of that list for a higher growing company. So let me tackle liquidity and market risks first because I think that in new banks case they tend to play muted roles and that's because well when it comes to liquidity bank deposits are in hypergrove mode they're up 63 % in last year so deposit flight risk really is low at this time and there's really no sign of that slowing down in terms of market risk there's some natural hedge because of the duration of loan assets that's in Latin America that tend to skew short -term.

52:29So in New Bank's case, 86 % of their personal loan book has a duration that's less than one year. 44 % of their credit card balance is due within 30 days. Now, FX risk when it comes to the market risk is always a consideration. And those can be hedged out, but New Bank has chosen not to. So that's something that I tend to think about. But when it comes to what my biggest risk is, yes, as a quality. And one thing that people forget is that it is not difficult to grow a loan portfolio, especially if you're selling unsecured loans, which is news main product. You're basically offering money to people who need it, and you're crossing your fingers hoping that they'll pay you back because no lender wants to negotiate a loan, or get into a collection process or write it off.

53:16And the same thing cannot be said for growing a high -quality portfolio of loans. I mean, this usually takes a long time because the quality of the underwriting depends on gathering data throughout time and then developing proficiency in analyzing that data. And so for new bank, the overwhelming concern had always been that the majority of their loan book was to a constituency that represented uncharted territory. 60 % of their clients earned less than three times Brazil's minimum wage, which by the way, it's the exact inverse for the established banks. But so far, new banks underwriting has really proven to be best in class.

53:57I mean, their 15 -90 -day NPLs on average have been better than the top three banks by 170 basis points. Their 90 -plus days have held really in line with those same banks. And my number can be negatively misleading the 90 -day NPL. I'm talking about the comparison because large banks tend to sell their delinquent loans, which creates a purging effect that new bank doesn't benefit from because they don't do that. Now, one question that comes to my mind is maybe the reason that they're not selling their 90 plus day loans is because there's not a market for that. That could be. But the point is that in terms of how they've underwritten, they are in line with how the oldest and best in the business are doing it.

54:40And so that was a proof of concept that was very important for me. Here's another interesting point about their long book. If you segment by income bands, those differences, so in other words, the lead that new bank has to the top income, it's on the 15 to 90 and then 90 plus become a lot more pronounced to new banks favor for lower income bands. I mean, not surprisingly, this happens to be their bread and butter. It's how they entered the space in the first place, but they're showing that they're doing a much better job in underwriting lower income or no credit type constituency. Now I want to say one more thing in terms of why I think New Bank has this edge on underwriting over the big banks and I think it's a structural edge on the fact that since everything is digital all touch points can be put into a credit algorithm them, which is a big disadvantage for the big banks that still have branches.

55:39Over time, as it continues to iterate on an autogra, the new bank, I mean, based just based on additional data, it's going to be a leader in its ability to provide credit because it turns out that if the time of day that you request a credit card or a limit or the way that you interact with the block and unblocked feature, if those happen to be meaningful variables, then it's very simple to incorporate them into the next iteration of the underwriting algorithm. NewVec also has a very rich historical data set. They have data for every single interaction of every single customer since the beginning of that customer's history.

56:15So it's very easy for them to act test for statistical significance and run a new algorithm. Based on conversations that I've had with people in the business, I heard it takes traditional banks anywhere from two to three months to iterate on their existing algorithms. I mean, I don't know that for a fact, but that's what I've heard from local people in the business. I guess on that particular point it invites the question around regulatory risk that they may run into. I think about it in the context of the CFPB in the US where there is big risks that lending algorithms become biased. And I'm just curious how the central bank or the regulator thinks about the growth of new bank in the context of its large established peers.

56:55Here's the thing about regulatory risk and it's one that I should have mentioned as I was going down through it. But New Bank has gotten to a point where its scale is so large and it's provided so much value to the Brazilian financial ecosystem constituency credibility for the CBB that they are now effectively on the same side as the big banks. And so there's a natural hedge when it comes to regulatory risk for New Bank because whatever New Bank today is going to hurt the big banks. And the big banks are an incredibly powerful constituency with a very strong lobby. And they tend to get things happen that is to their favor.

57:40In other words, they don't get handicapped too much because of the power that they have. I wouldn't know exactly how the CBB or the regulator thinks on New Bank per se specifically, But I do believe that it's become the one -sided thing as opposed to two -sided. I sit back and I see a business that's highly disruptive, growing in incredible pace. This entire conversation I feel like has touched upon some of the competitive advantages that this business has. What are the key takeaways when you study this business and enabling its incredible growth in market share games? I like to think of New Bang's competitive landscape as being too sighted.

58:23So you've got pressure coming from the top, from the large incumbents that are retrofitting themselves to adapt into a digitalized world where the consumer is now demanding a simple, seamless experience. And then from the bottom, you've got this sea of fintechs that are trying or hoping to get a bite of the apple. There's close to a thousand fintechs in Brazil alone as of last year. There's about 2500 in Latin America. And by the way, a few of those I think have legitimate wherewithal to become serious digital bank contenders. One of the oldest is Interbank in Brazil. They're also a public company.

59:01But there's Necki and Davi Plata in Colombia. There's Hay Banco and Glad in Mexico. But in any case, you're clearly not going to go from a zero to a $45 billion IPO in Latin America without turning a few heads in the process. And so that's what we're seeing. When you think about modes, I think new banks biggest advantage is that they provide a fundamentally different experience. And this really carries through in every single interaction that the clients have with the products throughout the app. I mean one example is at a large bank today in Brazil, if you lose your credit card you're gonna call and then you're gonna get somebody on the phone and they're gonna say, hey, here's your case number You're gonna need it for when you call back in three to four days and you're gonna have to fill out this form It's an a form and you're gonna either have to mail it back to us or fax it back to us That stuff still happens for the large banks versus new bank where you log on to the app and then in literally Two taps you're able to block your card Schedule delivery for the new one and then you get a message saying hey, are you okay?

1:00:08You lost your card do you need any immediate help? You know, we're here for you. So the borrow phrase from Jack Dugal, whose New Banks Chief Product Officer, the experience is not incrementally better. It is fundamentally different. And so even though traditional banks have improved their UX quite a bit, the differences are still profound because it is remarkably difficult to retrofit into a design -driven culture that's customer obsessed like New Bank. If you're having to deal with a massive legacy infrastructure that employs over 100 ,000 people has thousands of physical branches and I'm talking about one bank all the way.

1:00:49And uses this patchwork of back end third party IT systems that don't really speak to each other in their native language. Okay. So that's why I think New Bank stands pretty strongly against the large incumbents. Now, turning to the other side of that coin, the fight against the new entrance is on a completely different field. And that's because those businesses are building from the ground up. And so they have a much better chance to get the user experience right from the start. And so for this, New Bank is able to find a different type of higher ground, which is really predicated on their credit DNA.

1:01:31So let me explain what I mean by that. 70 % of the global financial services profit pool is made of credit, which means that if you are a FinTech that wants to grow and be profitable, eventually you will have to move into credit. The payment segment is a popular entry point for FinTech, but those profit pools will inevitably get computed away. I mean, it's a commoditized service where the barriers to entry are just too low. And there's other fintechs that are trying to get in by doing asset -like businesses, like going into debits or wallets or remittances or features like Bill Squid or budgeting.

1:02:09What the market has seen in its history and I'm talking specifically about Brazil right now is that if fintechs aren't born with that credit DNA, they tend to fail once they go in. I mean, a good example is Medecalo Liude or Stone or Gebble. So these are actually big companies that had the wherewithal to compete and they were unsuccessful. We've seen some successes outside of Brazil, two that come to minor tincoff in Russia and Cosby in Kazakhstan, but really besides that it's a low number to the degree that New Bank has achieved. And again that's because credit is hard to get right and it takes time to build the data set that's robust enough to feed an underwriting algorithm.

1:02:50And so New Bank has a structural data advantage over the new entrance that makes a big difference and the durability of that advantage is going to be prolonged, right? I think it's going to tend to be prolonged because as new entrance are focused on gathering data, new bank is focused on iterating data. And so the gap tends to widen because it becomes a bit of a virtuous cycle. New bank gets better so they get more market share because they're extending more loans that they feel comfortable with, which gets them more data, et cetera, et cetera, et cetera. And so we typically conclude these conversations with two lessons.

1:03:28One for investors who are evaluating situations with parallels to this one and the other for operators. Candidly, I feel like we've touched upon a number of those lessons. And so I could do to you to offer us any parting wisdom about how you think about this business and what you want people to kind of way. One of the ideas that resonates for me about New Bank's story, which is really a common thread that cuts across all dimensions of the business, including the investors' point of view, including the origin story, including strategy of the business, is just this power of challenging convention, double clicking until there's nothing left to double click on, and then constructing based on reason and not by analogy.

1:04:12And like I said, we see it through New Bank's business, from the way that their customers are active the app to the way they articulate their strategy to how they define their core competencies, not as a lender, but as a tech first money platform. And so all those break convention in some shape or form. Banking is a business model that goes back thousands of years and that's been iterated countless times. Yet by asking the right questions and digging deep, New Bank managed to create a product and an experience that was profoundly distinct. Dan, this is a fascinating business. I think you did a wonderful job presenting us the founding story, the competitive advantages, where new banks sits today.

1:04:56A $30 billion market cap means that this business has to continue to accomplish a lot. Seems like the prospects are incredibly good and we'll continue to watch it. Thanks, Jack. To find more episodes of Breakdowns, ranging from Costco to Visa to Moderna. Or to sign up for our weekly summary, check out joinkolasis .com. That's J -O -I -N -C -O -L -O -S -S -U -S .com.