u/Icy-Drawer5856

The author argues BETR is mispriced because the market treats a cyclical collapse in mortgage volumes as permanent impairment of the business model, while digital mortgage adoption is a secular trend that should raise digital penetration in the next healthy mortgage cycle. Better has spent years building infrastructure for that transition, so normalized mortgage volumes meeting higher digital adoption could produce meaningful operating leverage from a valuation that already reflects losses, restructuring and a brutal de-SPAC. The founder proxy/consent fight is a second catalyst: if Vishal Garg wins, the author believes the thesis plays out faster and better, while the main risk is opportunistic control change near the cycle bottom capturing the eventual recovery.