Richard Fairbank: Yes. Well, we — I think we just continue to generate a lot of capital. And we — a central part of our strategy is the return of capital through share repurchases and dividends. Lately, we’ve dialed back a little bit on that just really as a measure of prudence in an unusually uncertain time like this. I think there’s — I’ve never met anyone who sort of says that they had too much capital in a downturn. So after very strong levels of buybacks, we’ve moderated here in this environment, but the strategy of Capital One continues to be the same. And we believe that return of capital is an important part of the economic equation for investors over time.
Sanjay Sakhrani: So, should we assume sort of the fourth quarter pace as a good run rate or just not assume anything?
Andrew Young: Yes. Sanjay, we’re just going to manage it dynamically based on what we see in the marketplace and the factors that I described before. So, at this point, you’ve seen what we’ve been doing over the last handful of months, roughly $50 million a month. But again, we have flexibility, and as we have a bit more certainty of how the coming quarters will play out, that’s going to inform our actions.
Operator: Our next question comes from the line of Arren Cyganovich with Citi.
Arren Cyganovich: Maybe you could just talk a little bit about the level of marketing growth for the year. You had a bit of a step up, I’d say, in 2022 and the growth rates there are obviously showing a lot of traction in most of your metrics. Is there essentially kind of a bit of a slowdown but still have the ability to continue to grow and get into the opportunity on the card side?
Richard Fairbank: Yes. Arren, yes, marketing — the marketing story has several components to it. One is just the — and an important part of that is the sort of real-time response to the opportunities that we see. And we continue — and especially talking about card and of course, card is where most of the marketing is. But, we continue to see attractive growth opportunities really across our business and are leaning into them. So that — and it’s corresponded with some expansion in opportunities that are just a byproduct of our tech transformation, and it’s just more access points, more channels, more better credit models that give a little bit deeper and wider access to opportunities and more granularity. The more granularity that we get from our models, actually, the more we can separate the attractive customers from the less attractive and it allows us to lean in more.
So, the marketing — the pursuit of the real-time opportunities we see is an important part of the marketing, and that is going very well. The second important driver, of course, is the continued traction we’re getting in our really 10-year journey to drive more and more upmarket with focus on heavy spenders. And I think back to when we launched the Venture card in 2010. And — but of course, this journey — and we’ve been declaring for years that the pursuit of the top of the market is not something that is an opportunistic one of in and out. And it is much more about working backwards from what it takes to win with heavy spenders and then investing to be able to do that. And that’s about great products with heavy reward content, great servicing, exceptional digital experiences but also more and more of the experiences that are consistent with the very high end lifestyle and so on.
