Market valuations should be interpreted through a long-term historical context rather than isolated annual metrics.

“you can't take valuations in any given year as just the context just around the context of the year. You got to put them into a historical context.”

Wise's incentive structure for management is adequate but could be improved by focusing on internal business KPIs rather than total shareholder return.

“I do like, especially for companies that compound the fundamentals as successfully as Wise, to actually also incentivize on these fundamentals, right? You figure out what are the most important KPIs of this business, then you incentivize for those.”