peter schiff / euro pacific / investigated for tax evasion
theres 25 mins of my life ill never get back.
completely wrong on two key factors and I should have stopped listening after 3 mins.
●afterpay acts as a middleman between merchant and credit cards / vast majority of users pay with their CC.
completely wrong. around 90% of users pay with debit card!
●low interest rates is what allows this company to exist
does not understand the relationship of interest rates to loan book turnover. only focus is on the margin from a single turnover at 4-6% and paying interest of 2% implying the gain for afterpay is 2-4% not at all taking into account the loaned amount is turned over ~15X per year meaning the margin per annum is 60-90% vs interest of 2%.
nothing new that hasnt been discussed and debunked in the apt thread already.
the only good thing to come out of this is the apt/square topic was not for the whole segment. ~25 mins of listening to someone who doesnt understand what hes talking about is long enough.
APT Price at posting:
$130.35 Sentiment: Buy Disclosure: Held