[Sean Cash]

I think it's cool that you publicize your numbers. So many people are quick to estimate the annual size of the industry but when asked to support that data they can't point to anything because everyone's so secretive or vague with the language. Think "low single digits"...

Also there is so much syndication going on that money is counted twice. "We funded $20 million" can mean $5 million of your own money and $15 million from syndicates. Of course the syndicates will report what they funded themselves too. It will seem like the amount funded is 20+15 = 35 million but in reality it is just 20 million.

Yellowstone as I understand it is reporting raw funding amounts. So whether they funded it themselves, syndicated it with another funder, or did the whole thing with another funder, they are only counting dollars funded to merchants as a result of their efforts.

$16 million in a month is substantial. That's nearly half the volume of what On Deck Capital supposedly puts out and On Deck is a company that has taken on hundreds of millions in debt and is up to like Series F funding. Think about that.

Meanwhile ISOs can talk and interact with Isaac here on the board but I can only watch Noah Breslow on TV. A lot of people can learn something from the yellowstone model. They are probably one of the biggest forces in the entire industry.

[JayBallentine]

Meanwhile ISOs can talk and interact with Isaac here on the board but I can only watch Noah Breslow on TV. A lot of people can learn something from the yellowstone model. They are probably one of the biggest forces in the entire industry.

It's a very entrepreneurial culture. That's a very good thing....

That's all I've got to say about that.