G'day. I don't have too many thoughts other than this is a...

G'day. I don't have too many thoughts other than this is a business that's currently between a rock and a hard place.

Not only is the yield curve / risk free rate hurting growth stocks, but SQ's business model is hugely exposed to sectors that are directly being tightened to reign in inflation. What I mean by that is, when retail numbers come negative, that's a bad sign for SQ's business. When retail numbers come out positive, it's a bad sign for SQ because it means further tightening is required by the reserve.

So it's not surprising how badly SQ is performing. But I don't have a view on how much of this is priced in, all I can say is I hope it's reached it's bottom soon because this carnage has been going on for way too long. Death by a thousand cuts!