Coming into 2021 the BNPL stocks such as Afterpay (APT) and Zip (Z1P) dominated the dinner party conversation when the stock market became the topic of choice yet here we are today with a market 12% higher and both of these major sector names struggling to be positive, even after APT has received a takeover bid. The trade simply became too crowded early in the year and valuations got out of control pricing the stocks for perfection, a condition rarely delivered. As competition increases and regulatory risks mount we are happy to be on the sidelines, conceding with the benefit of hindsight we exited Z1P too late.
MM is neutral the BNPL stocks
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