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![patio11 Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::20844341.png) Patrick McKenzie [@patio11](/creator/twitter/patio11) on x 183K followers
Created: 2025-07-29 01:18:41 UTC

This letter is what happens when a credit card PM misunderestimates how much of an adverse selection effect they have in a new portfolio.


XXXXXXX engagements

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**Related Topics**
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[credit cards](/topic/credit-cards)

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