Compass 1Q2022: A Brief Note

I haven't really written about Compass much, since my 1Q2021 analysis. Part of the reason is a lack of time, but a big part of the reason is a lack of interest. I have long held the view that Compass is a traditional brokerage pushing a tech-forward narrative, but with pretty dire margin problems. And nothing happened since writing my 1Q21 analysis to m…