You wrote the following...... "COVID-19 has a net-positive...

You wrote the following...... "COVID-19 has a net-positive impact on Afterpay with the massive (forced) shift to online shopping. Hence the higher than pre-COVID-19 share price".....

Have you thought about what a post-COVID lockdown looks like and how this may affect APT's SP using the same logic....a few things come to mind:

-People won't have the "luxury" of being able to do nothing but surf the internet at home under lockdown looking at ways to spend money because there is nothing else to do.
-Spending decisions under lockdown were based on people being employed and thinking things will just continue "as is" or even worse as a remedy for feeling depressed and anxious about what will lay ahead.
-What happens when Australia officially falls into recession and unemployment significantly increases. (Figures out in the next few months)
-What happens when people who have afterpay repayments lose their jobs and don't have the means to repay their repayments.
-What happens when there is NO more stimulus and "free" money (there is no such thing as "free" money btw).
-What happens when the founders shares come out of escrow in June.
I could probably keep on going but you get where I'm coming from.........