In the medium to long term that R&D matters. In the short term it’s not as important of a metric. I absolutely agree from an underwriting prospective one would ideally be considering those costs but I also think it’s dishonest to simply say they are bleeding money, end of story.

They dont have to retrain constantly and that’s where opinions like yours fall short. I don’t believe anyone has a concrete vision on the economics in the medium to a long term. It’s biased ignorance to hold a strong position in the down or up case.