The APT Downramping genius, page-179

APT will need more warehouse funding facilities to increase the volume. That's not debt, that's not equity, it's a simple funding facility that's created with banks. Over time, these funding facilities become cheaper as the business model has more time to prove itself and become derisked.

I've already commented on the margins but just to reiterate, there may be margin pressure from competition. But there are also positives to Afterpays margins that can offset or even improve margins. These include greater capital efficiency of the warehouse facility, lower default rates, higher margin products, higher % of revenue coming from SMEs, lower funding costs from Afterpay money, potential securitization for cheaper funding (similar to Z1P) and there are probably other reasons I'm not thinking of right now.

You ask a lot of tough questions that I don't have the answer to and of course the future is not without risk. But taking all of the info into consideration I thought APT could be a monster when I first picked it up for $7 in 2018 and now years later I'm confident it has a lot more room to grow.

Again that's my opinion. No need to try and convince me otherwise. I've invested in this space long enough and have enough quant credit modelling experience that my investments in APT are a very calculated decision and not a YOLO play.