LendingTree (TREE) has continued to grow its EBITDA amid a ramp-up in investment spending and a cooling personal loan business, posting a material 3Q19 beat across the board. The investment ramp is set to continue in 2020, but following the investor day sell-down, I think this is well-understood by the market. The key to the long-term investment thesis in my view lies in the optionality provided by My LendingTree, which has continued to make tangible steps forward, moving from what was once a distant hope to a reality. On a sum-of-parts basis, I believe TREE