Today I shorted it, page-82

I think the cost of financing is actually a huge advantage. Afterpay can go to big retailers, switch on and immediately take 20% of sales without batting an eyelash . Quadpay turns on Ugg, has money flowing out the door and can’t put on other big retailers at the same time.Afterpay also has the lowest cost of funds because they have a proven model and they can subsidize international operations with Au which is well and truly won. Also they raised capital under very favourable conditions, with interest rate hikes on the horizon and a well established competitor it may be harder for new entrants to have the same kind of backing.

I think new markets have a chance, but soon you will have 10m Americans telling people across the Atlantic etc that Afterpay is the “best and worst thing that has ever happened to me”, which adds to the momentum. You could theoretically get an Uber/Lyft situation - but Uber is still dominant and made numerous missteps that allowed a very well resourced competitor in.

It really irritates me when people say anyone could copy this. Afterpay clearly do a lot of things better than all their competitors:
- closing sales
- bringing new people into the organisation/scaling
- UX on app and online
- the portal
- social media messaging 
- brand signalling
- onboarding new retailers
- financing mix
- fraud detection
There is a huge amount of business intelligence there and the team Afterpay have assembled is an enormous pool of talent (I mean virtually everyone has solid retail experience, solid sales experience, or is top tier tech). 

So in short, by end of this calendar year, if Afterpay just keeps doing what they have done to date, I think the horse has bolted on the English speaking world.