We are short shares of Affirm Holdings (AFRM), a $25 billion “Buy Now, Pay Later” lender built on the same subprime playbook that has undone monoline consumer finance companies for decades. Since 2022, Affirm’s GMV has grown at a 33% CAGR and its stock has risen nearly eightfold from the lows. But this is scale without quality and growth without durability. Expansion has been driven by aggressive credit extension to…

