I’ve held over 3 years now, and there are parts of this I agree...

I’ve held over 3 years now, and there are parts of this I agree with hence no longer having the excitement I’ve had since early investing

Afterpay was ran perfectly by a board with conviction, connections, and smarts. Build quick and sell for lots. Simple.

when I entered at mid to high $1s, it was a steal and so far it’s paid off. The last 12 months have been less than desirable for one’s capital in zip.

the field has changed, and there’s a few around here who are cheerleading on absolutely thin air. There are of course positives such as India, but there’s very little in the way of forward looking tailwinds that will send this horse back to all time highs. Crypto, savings, and India won’t do it.

the real catalyst that most of the smart ones are waiting for is an incoming tech investor, or a take over.

economic landscape is worsening, inflation, debt, macro and micro economics, geopolitical landscape, and most importantly competition.

UK is dwindling and app downloads in the US are down for the 5th month straight, with web visits down nearly half from July - fact.

Competition is becoming the biggest threat, hence the continuing lack of instos and funds.

Short term upside is huge based on the fact we continue to trade on extremely low multiples to peers, but time isn’t on our side.

Valuation discrepancy hasn’t been enough to bring in insto and fund interest to date, and with the US under careful watch, why would they enter now? It makes little sense with Affirm (and their upcoming enormous exposure from Amazon (being first BNPL adopted), Klarna, and then Square/APT(crypto capabilities, forex transfers, savings account etc - they already have a whole payment ecosystem)

We are sitting ducks waiting for any catalyst that will move the dial.

the good news is that we remain cheap, but that can also pose additional risks.