While Z1P, APT & Co slipped ever lower its was encouraging to see our position in ALL start to gain some traction yesterday, it appears to be benefiting from being tagged as a GARP stock i.e. ”Growth at a reasonable price”. Conversely the BNPL sector has been branded GAAP stocks (Growth at any price) which doesn’t compute well when bond yields are appreciating. While bond yields continue to play the market tune ALL should outperform the embattled tech space.
MM remains bullish and long ALL targeting ~15% upside.
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