Ann: FY24 Results Presentation, page-174

"The biggest test for fund manager Andrew Mitchell and his investing career came when he doubled down on Afterpay at a time when investors were falling over themselves to get rid of the buy now, pay later stock.It was 2018, and Australia’s consumer credit regulation was taking shape, stoking fears that profits would collapse under tighter lending rules. Afterpay bore the brunt of investors’ nerves with its shares halving to $12 at the timeYet, it was also when the company was starting to expand in North America. Intrigued, Mitchell decided to hop on a flight to the US to talk to Afterpay’s unlisted first US adopters for feedback.“They said Afterpay was working incredibly well for them and driving their online business,” he recalled.That was enough for Ophir to place a $20 million order for more Afterpay shares. Mitchell remembers the transaction was quickly filled, highlighting the deeply negative sentiment around the fintech.Mitchell’s strategy was to beat the Australian market before it discovered the huge US potential and set domestic regulatory concerns to the side. “People could not sell us this stock fast enough,” he said. “We went out and outworked people because we had the grit.”And his bet paid off. The stock, initially bought in 2017 at $3.53 became a 10-bagger – industry shorthand for an investment that has increased 10 times in value.”

Exact same story with Cettire unfolding….