Please read last month’s letter here – FRAME 1: WATCHING CYCLES REVERSE Key takeaways from last month were: For Profitable Companies M&A should be on the docket, valuations have plummeted, now is the right time to buy Accelerate hires you’ve postponed Be judicious w/ digital marketing spend, YoY growth is slowing in credit card GMV Bank loans for profitable companies will be more available at these interest rate levels For Unprofitable Companies Manage your business to 16-18 months of runway...