Ann: Business and Funding Facility Update, page-72

This is a much friendlier thread with more useful contributions than previously.
I will say that findthemoats analysis on AFY is by far the most nuanced that I have read.

I am not going to share my detailed opinion here but I do think the opportunities in the market lie where the market at large incorrectly models companies. If Afterpays model is viable, this may be one such opportunity and it is certainly informing seeing what other market participants are thinking.

This will play out over several years and we will see which model turns out to be correct.