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Block stock.. err... Square stock or SQ stock isn't anything we'd consider investing in for any number of reasons. Firstly, we never agreed with how Block decided to include bitcoins bought or sold to their customer base as "revenues" (the 2% gross margin should be a clue to how inappropriate this is). We don't like how Cash App can be used by anyone with an email address which opens up the door for loads of black market use cases. Block's fearless leader, Jack Dorsey, pitches the use of Cash App in rap songs as a badge of honor when it points to a subscriber base that (at least in that niche, and by a particular segment of users) is up to no good with the app. The ability to change your cashtag to whatever you like (regardless of who you actually are) means it's a gold mine for scammers who can trick others into parting with money. Block's decision to enter buy now pay later or BNPL we don't think is wise because this doesn't require an assessment of credit worthiness. We see it as little upside and loads of downside. Overall we're avoiding $SQ stock at any valuation, and today's valuation is already quite depressed from where we're sitting.

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