+0.0
net board stance
what this means
68.11
-2.2% · close 2026-11-06
-10% / -10% / +3%
1m / 3m / 12m
-17%
vs SPY since 2025-08-01
59%
of 52w range · -20.6% off high
1/1
hit rate as primary · vs SPY +56
Where All-In Alpha stands — 0 live ideas
No active idea holds this ticker. Anything below is history.
Where the winds are blowing
NET BOARD STANCE, LAST 60 EPISODES —
rising = the besties are building this position, falling = abandoning it. From the
conviction ledger; an idea counts from birth until its window closes. Dots mark episodes
where this ticker's ideas were actually mentioned; a dashed stretch is silence.
Last mention E163 · silent for 132 episodes.
PRICE VS SPY OVER THE SAME WINDOW, % — did the
talk lead the tape or follow it?
Who's pushing which way
each voice's net push ON THIS TICKER — their most recent stance per idea × that idea's direction ON THIS TICKER × strength, so supporting a bearish idea pushes down, unless this ticker is listed as the other side of it. Not conviction (that lives on the idea); this is direction of travel per person. what w= means
Track record on AFRM
As a PRIMARY play the besties are 1 hit / 0 partial / 0 miss over 1 closed window — credit 1.0, average vs SPY +55.5. Adjacent plays are listed but never scored.
| idea | call | play | result | return | vs SPY | scored |
|---|---|---|---|---|---|---|
| 📈 Buy-now-pay-later is a feature, not a company | ▼ SHORT | primary | RIGHT | +50.3% | +55.5 | 2022-08-06 |
| 📈 Fintech is fin, not tech — margins and multiples reckon | ▼ SHORT | adjacent | WRONG | -36.3% | -62.6 | 2025-01-26 |
| 📈 Rate-arbitrage fintechs implode as their cost of capital rises | ▼ SHORT | adjacent | RIGHT | +38.0% | +49.7 | 2023-03-26 |
The tape — what was actually said
every capture on any idea holding AFRM, newest first · quotes verbatim, timestamps deep-link into the episode
Sacks
support ×3
▼ on
📈 Fintech is fin, not tech — margins and multiples reckon
E163 · 2024-01-26
▶ 1:22:30
I think you're right. It is a reckoning. And the reason for that is because FinTech is one of the hottest spaces during the bubble. I have this saying that the hotter they are, the harder they fall.
Chamath
support ×2
▼ on
📈 Fintech is fin, not tech — margins and multiples reckon
E163 · 2024-01-26
▶ 1:18:14
maybe your example of fintech being more fin than tech is a very early sign of what may be happening to the rest of all of these companies that we point to and say, that is a tech company.
Friedberg
support ×3
▼ on
📈 Fintech is fin, not tech — margins and multiples reckon
E163 · 2024-01-26
▶ 1:13:12
a lot of, quote, FinTech businesses are looking like Fin businesses without the tech... I think we're in this kind of like realizing the truth, which is that a lot of FinTech businesses are just Fin businesses.
I think it would have been much more credible for Stripe to say this is a critical piece of the infrastructure and value chain and payments that we want to own. So we're just going to go and put some of our better engineers as a side project and see if we can tack away at something that works.
Chamath
support ×2
▼ on
📈 Rate-arbitrage fintechs implode as their cost of capital rises
E73 · 2022-03-26
▶ 19:55
Neobanks are another example. The number of Neobanks that have been funded at exorbitant valuations, where the problem is all of these financial services companies are essentially an arbitrage on rates. When rates are zero, they take that money at 0% and then they can go and execute a business model and sell that money at 1% and take the difference. But when their cost of capital is 2 or 2.5 or 3%, the whole business implodes on them. So you're going to see a bunch of these financial services companies get under pressure.
The thing with Buy Now Pay Later is that it is not a company. It has always been a feature. And it's a feature of a much larger financial services platform. And I think Square is proving that. And everybody else over time will realize it. ... So the idea is that this is just a credit feature that should be on every single major network. I wouldn't be surprised if WhatsApp and Facebook had a Buy Now Pay Later feature. Amazon. Over time. Everybody needs to have this feature. You can't build a company around it.
Friedberg
support ×2
▼ on
📈 Buy-now-pay-later is a feature, not a company
E43 · 2021-08-06
▶ 1:11:14
And by the way, this business concept has been around for a long time. There's a company called Bill Me Later that was bought by PayPal in 2008 for a billion dollars. And it was a similar thesis. So the thesis, what's old is new again. ... They're also effectively stepping up and competing and making sure they're locking in the competitive advantage they have with having this two-sided marketplace against emerging competitors like a firm and so on.