Ann: Letter to Shareholders, page-134

Hey Polar,

I finally see the greatness of this payment system that makes it so defensive in real-time against recession etc. The ability to adjust you receivable book in real time . This means we can slam the brakes on lending and accelerate away as quickly as we stopped when things move again or feather it in real time.
This will be amazing for Afterpay to avoid bad debts and as I said their growth expenses are largely variable to according to the companies appetite / market demands.
Wow , where as banks can not react quickly enough and are vulnerable / exposed.