what is bottom, page-17

I think the concept of BNPL is a good one, and I'm sure that it is here to stay. However, APT's valuation had clearly gotten ahead of itself, mainly due to cumulative FOMO.

Given that the market had priced it for perfection, it was always at risk of a massive sell-off when the pending recession finally arrived. Just no one expected the recession to be ushered in by the worst global public health crisis in many generations...