Phenomenal work Brad!👏
You should start calling these "Ultra Deep Dives". Learnt a lot of new things, especially on the securitization & Capital Market activity topics.
You should start calling these "Ultra Deep Dives". Learnt a lot of new things, especially on the securitization & Capital Market activity topics.
https://twitter.com/StockMarketNerd/status/1487813700602019840
With $UPST, on one hand we have an emerging credit underwriting model which has proven itself so far (w.r.t increased access, lower defaults, more automation), good data driven Mgmt along with good Financials. Plenty of expected growth with Bank partner expansion& new products.
On the other side, we have a credit/liquidity dependent Business model (with non recurring Revenues) which hasn't been thru a full credit/monetary/economic cycle. Some key personnel risk. Also the performance/growth in new products is yet to be shown.
It's going to be very interesting to see how this Company evolves - if it can be like $SHOP for lot more smaller Banks/Credit unions taking away the grunt work, or stumble post COVID/Monetary expansion due to unforeseen issues in Lending models in a different credit environment.
Based on the current data, I'm leaning more towards the former and position sized accordingly, with an option to always add more as more results/clarity comes along in the next few qtrs.
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