There’s been a lot of fear making most of the noise around here. So I’ll go ahead and say what’s not in style right now: - I am continuing to accumulate shares in $UPST heavily at these prices, and remain impressed by the company’s performance in 2026. - I expect the market to regain trust in management within 1-2 quarters. We are already well into a new era of excellent execution. Profitable growth + risk separation in any macro speaks for itself. Expectations are in the dirt, look at multiples here relative to competitors. Short sellers are in for a rough ride. - Upstart has already won in lending (massive TAM, deep moats). No other company can catch up on their tech advantage, and nobody is even trying. It is amazing to me the degree to which this is not yet recognized. - The primary *legitimate* bear case is that lending as an industry is over post-AGI if it becomes impossible to predict defaults, or fast-rising rates + usury laws artificially constrain demand. But this explains ~0% of the short interest; nobody is trading on this thesis, I’d guess they won’t for 12-18 months at least. - (If you take the above seriously, you could just take out a big Upstart loan to lock in rates, and do some AI infra investing) - Beyond that, this is a generational buy. Within the logic of Wall Street, this will become consensus once reflexivity kicks in going the other direction. Now is the window to front run that. Also — i think neversleep is hilarious, and am very glad to have him as a counterparty!