[Franklin]

1. Agree with you about marketing spend; bidding up PPC.

2. On this business of awareness... 54% of small business owners read at an 8th grade level and wouldn't know an IPO from HBO. An IPO may work for a company like Box.net to give it added legitimacy as it seeks to expand it's enterprise business, but OnDeck is marketing to "Joe the Plumber."

3. About that "Smart Money." Online lenders have undoubtedly used the power of math and technology to create "rosy" scenarios. They then peddle these scenarios and get investors to bite on them. Some investors get into anything the next investor is getting into. "$462 billion overall market and all of my competitors are in? Hell I'm in too." They EXPECT to lose 90% of the time, so anyone in OnDeck expecting to win is a fool... However, when they lose the loss is justified to LP's; "$462 billion overall market that doesn't seem like it'll be consolidating anytime in our lives."

For the 8th Graders (like me) reading this forum, can you spell out what LP's means?