Afterpay Valuation, page-5395

The company isn't impacted by higher interest rates, but the valuation of stocks are. That's important to understand. This has nothing to do with the default rates or anything else because APT can fundamentally be the same company but will be priced differently in a "risk-free" rate of 0.75% and 2%.

It has to do with opportunity cost and the trade off between risk and return. In a 0.75% risk-free rate environment it makes more sense to take on more risk than in a 2+%.

For long term holders this is all less relevant, you just hold through the cycle.