price their product to include natural maintenance costs, but give, say, $25 refunds, each time a car comes back MRI squeaky clean.

Reward brand loyalty; do not punish it. I hope National figures that out.

The market has accommodated that approach for decades. Whether it will continue to do so is an open question. 3/3

In my experience, Asian equity investors lean heavily into income. US equity investors do not. Instead, the N Americans are happy to consider an unrealized capital gain money good & harvest principal as needed. 2/3