Ann: Afterpay Funding Position, page-56

No disrespect but you're just completely making up numbers, increasing to 200k people? Also you may have more customers but quite likely less volume. Lastly, the high valuation of APT is based primarily on very high growth expectations. These will be impacted in a recession, hence your comparison to the $40 is flawed.

I know I repeat this a fair bit on hotcopper but in behavioural economics your idea that the share price has a link to the $40 where it was recently is called 'anchoring bias'. Its a flawed heuristic. The share price should be revalued based on new circumstances.