To be fair, his point on Margins is actually very valid, as it...

To be fair, his point on Margins is actually very valid, as it makes or break the business.

It was called out in Goldman report too in their Afterpay coverage. You guys wanna rock up at Goldman's office to tell them they're wrong?

Report below:
"(2) APT’s scale is materially greater than competitors with ZipCo (Z1P.AX, notcovered) and Sezzle (SZL.AX, not covered) also having recently provided trading updatesfor November. Exhibit 2 puts into context that relative to APT merchant sales theyremain modest in scale although we note that ZipCo’s Quadpay business gained sharein November. Without evidence of the unit economics of these sales (i.e. loss rateswhich were not disclosed in the update), it is too early to draw a conclusion on whetherthis will be sustainable."