Afterpay Valuation, page-5938

Closed out half of my short yesterday. Think that may have been a mistake. US listing is nothing more than a cash grab by management, who like us saw Affirm pop and thought we'll have some of that. The ridiculous pay-outs to US staff a fair indication of the nonchalance management has with regard to share dilution of shareholders. They simply gotten too greedy and a little disrespectful to the capital markets without which, APT would not be a going concern. Not unlike hundreds of other companies around the world with the Fed feeding trough.

APT is a great company, but the starkest Australian example of the Fed bubble.