|DS: What’s going on with Panda. You said you’d stop confirming them. How many updates have there been since then. |
MC: We had one about a month-and-a-half-ago. We haven’t updated it since then because we’re looking at pulling in a new signal that might help pull some people out of the gray zone.
Gives some background on Panda updates: Panda update 1 was really large. As you do more, the updates get smaller and get into a steady state where you bake the data into the index. In an average month, you might expect that we’re rolling out new Panda data about 10 days — about one-third of the month Panda is happening.