Chart - Z1P, page-5853

Well as you know fundamentals haven't changed much. My view a few months ago was that Z1P was an absolute buy anywhere near $5 because any risks that I was noting at the time were priced in and then some.

Without going into detail, my view is that BNPL in general will continue to disrupt the existing payment systems. The fundamental tailwinds that will aid this over the next few years include:

1. further increase in online shopping as a % of total shopping as consumer behavior shifts have seen a catalyst in COVID-19.
2. more data collected resulting in better credit risk management with positive impact on margins. This data will also be able to be monetised and used to target individuals with more meaningful marketing.
3. As the business matures, funding warehouse facilities and securitisation programs will provide cheaper funding, again resulting in better margins.
4. Millenials, GenZ will take over as the biggest spenders resulting in material and sustainable growth in revenue.

There are more benefits but these are just a few. So fundamentally speaking, if you're a BNPL provider big enough to ensure survival (e.g. Affirm, APT, Klarna, Z1P and Sezzle) then it's likely we'll continue to see new ATHs consistently for the next few decades (albeit with a lot of volatility). This is less certain for smaller players which I steer clear of due to my price competition concerns.

Taking this long term view makes buying Z1P a no brainer regardless of whether you buy at $5, $12, or $20. The same applies for APT and SZL.

The issue that this forum is suffering from is the short sightedness, resulting in them watching the day to day movement and getting upset when their get-rich-in-T+2 doesn't eventuate. The other issue is the spread of misinformation, constant bullying and the ongoing comparison to APT.