Well put, and hard to argue with on the surface. I’m now 7 years disconnected from the loyalty world, but I wonder if being big isn’t the price of being in the game these days. In an age of “loyalty ubiquity,” maybe the huge net is an unavoidable first step. If technology isn’t making that essential step more affordable, maybe the day has finally arrived for a couple of large coalition programs to emerge here, vastly reducing the cost per member “to identify and maintain,” and allowing the partners to focus the majority of their investment, as you suggest, on “increasing the yield.” Just a thought. Keep up the good work.