“And these effects will collectively produce a bit of a "brownout" of Discover's outstanding growth over the next couple of years.”

In context

“what I'm talking about there requires us to converge onto our technology so we can leverage our data and decisioning infrastructure. And that's why from a timing standpoint, we'll be able to do the trimming before the leaning in because the trimming could be done just by adjusting current Discover credit policies, whereas the leaning in requires us to implement a very integrated and sophisticated set of technology policies and decisions. And that's why the net effect of that is a timing disconnect on cutback versus growth. And so collectively, when we pull up, we're starting a little lower in outstandings, probably than we originally expected. Again, I think they made great solid choices. There are smaller vintages maturing, and we're going to pull back around the edges before we lean in. And these effects will collectively produce a bit of a "brownout" of Discover's outstanding growth over the next couple of years. But these effects don't take away at all from our enthusiasm for the Discover business model. Operator: Our next question comes from Ryan Nash with Goldman Sachs. Ryan Nash: So I have two questions. First one for Rich and then a follow-up after for Andrew. So Rich, I guess some of the last quarter at the end of the remarks, you made a decent amount of -- spend a decent amount of time talking about investments. And then there was some recognition of revenue and return that will come with these. So I guess, first, a 2-part question. Have any of these investments made it into the run rate? Or are they all incremental from here? And second, I know you've been hesitant to give any guidance, but parameters for us to think about where results are headed, whether it's PPNR growth, operating effic”