A valid top-down view.
From the bottom-up, I would again refer to their sales funnel, and how they target borrowers, it's hard to believe they are underwriting bad loans, in my opinion. Of course, there's a level of trust that needs to be placed on management, as this could change on a dime.
Secondly, the market is not reflecting the minority interest of their PayBright business, or again has a top-down view.
I don't think consumer credit is going away with COVID, it may increase, and my thoughts are GoEasy is structured in a way that they can capitalize, especially when competitors falter.
To be fair, I wouldn't have invested at these prices, but when I came in - it was around 5-6x pre-covid earnings and the narrative was they couldn't survive a COVID apocalypse.