But that’s not a function of whether “a lot of the fixed costs (like transaction costs) have been paid”. That is very specifically referring to break-even relative to costs already expended, not to counterfactual spending. It’s okay if you’ve changed your mind, but I don’t think that what you said originally is consistent with this comment.
But that’s not a function of whether “a lot of the fixed costs (like transaction costs) have been paid”. That is very specifically referring to break-even relative to costs already expended, not to counterfactual spending. It’s okay if you’ve changed your mind, but I don’t think that what you said originally is consistent with this comment.