I’m definitely a ‘glass-half-empty’ investor on financial stocks...

I’m definitely a ‘glass-half-empty’ investor on financial stocks in general, so it’s nothing personal against Zip. I expect I’d be valuing the other BNPL shares in a broadly similar way relative to their NTAs (if/when I formally work out my FV for them).

Interesting point regarding the monthly vs. non-monthly split of active customers. Also, loyal customers are a very powerful force in business, there’s no doubt about it.

Thanks again for a very constructive and respectful discussion @nakervirus. It will be fascinating to see how it all unfolds - it always is on the sharemarket!