Point 1. There haven't been any signs of bad debts yet but it is...

Point 1. There haven't been any signs of bad debts yet but it is known that in Australia and New Zealand households are struggling and bad debts in all classes of borrowing are escalating quickly, but we are more likely to cop an interest rate rise then a cut, although in reality rates will probably stay as they are until next year, which will cause credit losses or contraction in volume or both - about to hit home IMO. Same in the US as the chorus to cut rates grows

Point 2. The ZIP Balance Sheet in December 2023 had $3.374 assets and $2.955 liabilities, shareholders had $419 mil equity made up of intangibles and goodwill - there is literally nothing there. Debt to equity is 617% Far flipping out and it holds 17 cents per share in cash, all borrowed

Point 3. There is little that management could say. The business is still losing money and return on equity to investors is negative 16.07%. TTM earnings per share is between negative 6 and negative 9 cents per share. It can't pay a dividend unless it borrows the money or makes a profit and I'd be tipping if it had any money it would have better use for it than pay it to shareholders

Of the top 20, Larry Diamond is probably still the largest holder, with about 5%, the nearest a while ago were Regal and State Street, both with between 5 and 6%, both shorting. The rest are small holders of less than 2% and retail is more than 70%

The attraction is in the share price. If it can keep going up, great