Watching Green Dot (NYSE:GDOT) from the cheap seats (ie, not as an actual shareholder) has been an interesting experience, as the market has moved through a pretty predictable cycle of excessive risk-blind optimism, near-blind panic, and relief. While that all has been going on, the market for prepaid debit cards has continued to develop and mature but still seems to be largely unpenetrated. At the same time, Green Dot has been rolling a range of services and distribution points that should give it a leg up in maintaining its position as the market leader.
At this point, I think Green Dot is in sight of fair value, but I'll be the first to acknowledge that there is a...
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