Should investors value Lending Club as a marketplace technology company, or a specialty finance company? Why? What were the costs and benefits of Laplanche's growth strategy, particularly in relation to Lending Club's competition? How concerned should Laplanche be with the growing number of competitors, especially since these were private companies, not publicly held ones? How can he best position Lending Club, given this competition? How defensible is Lending Club's business model? How would a potential rise in customer acquisition costs influence profitability and the sustainability of the business model? What should Laplanche do to convince Wall Street and others that Lending Club would remain the market leader in the peer-to-peer lending space?