Almost exactly one year ago, someone asked me to do a write-up on a kind of slimy financial company called Affirm, which basically provides credit to poor people for really small purchases. I did a post as requested, and at the time the stock looked absolutely horrible:
Well, horrible or not, Affirm shareholders would KILL to get out at the “horrible” price from a year ago (which I’ve highlighted in this updated chart with an oval………….). Even with this disgusting bounce we’ve seen for months in the market, AFRM is worth one-quarter what it was when I did my “wow, this stock sure does suck” post on Valentine’s Day 2022, and it’s down about 92% from November 2021.
The after hours action is below. Hey, maybe I’m wrong and this is actually a genius move – – because all the long-suffering AFRM shareholders are themselves going to need to take out loans from Affirm for stuff like groceries and toilet paper, thereby creating a virtuous cycle.
