I wouldn't want to go anywhere near an Afterpay..., page-6

Usually Roger's a good containdictor. His funds are woeful.

The fact that he dislikes APT (which is secular growth at the moment) and likes the banks (which are mature and more pro-cyclical) on the basis of worsening economic conditions says a lot.

If APT captures US in two years like it did in Aus & NZ, the pay off will be 10x.

If, as Roger argues, the banks don't suffer a 'gfc' event, the pay off is what, 30%? Shit tip.