Shareholder Returns, page-118

you raise good points and as you highlighted, the examples are very different businesses

each has been impacted largely by various external catalysts, for example

zoom - during covid and lockdowns (ran up) then post covid lockdowns Zoom usage went down (so does their earnings and sp)

uber - usage down during covid but has since recovered post lockdown periods

PayPal - inflationary fears with interest rate and credit risks, and a stagnated report from covid impacts largely from their SME business customers, and BNPL competition


what I would caveat here, is even when the tech markets ran, and the above either recovered or exploded, zip has continued to crash.

the fall was, in my honest opinion, sped up partially by the action and inaction of zips board and their decisions.

unlike the above examples of yours, zips SP isn’t down in the $3s from $14.50, based off macroeconomic conditions, covid (which actually gave them tailwinds), it’s down here for a mixture of the market sell offs and the underlying risk itself.

I think it’s a flawed example, but I do see your point.