Day 2 is stasis. Followed by irrelevance. Followed by excruciating, painful decline. Followed by death. And that is why it is always Day 1.
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The banks in Brazil at the time were making 50% return on equity. They had the highest banking fees in the world. They had interest rates on credit cards of 300% a year. And they were serving customers terribly. So the opportunity was enormous.
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The banks in Brazil were making 25-30% return on equity for decades, which is extraordinary. And they were doing that by charging customers incredibly high fees and interest rates. So the incumbent had an Achilles heel, which was that they were making too much money.
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