Jon Quast

But the more I think about it, the more I do think that the world is headed in this direction.

I think it is headed in the direction of Klarna's services that it offers.

You look at, three-year revenue has doubled for Klarna, and its operating expenses have dropped by 8% during that time.

That is so hard for me to dismiss blindly and just say, I don't like this business.

That is so huge.

I can't dismiss a business that has doubled over the last three years.

Even though I do struggle with the financials a little bit, but it reminds me a little bit of the delivery platforms just a few years ago.

There was a time that I just didn't see a path to free cash flow positivity for platforms like DoorDash or Lyft.

And yet, they were the ones that were building...

big platforms, the adoption trends were in its favor.

And then they eventually did turn the corner with the cash flow and everything else.

They flipped a switch one day.

If you're a buy now, pay later investor, perhaps a Klarna investor, you're feeling the pain a little bit today.

But I think that if you're invested in this space, you have to be quite encouraged with the long-term investment trends, the adoption trends, they do appear to be in your favor.

I'm going to share a little trick with investors.

If you ever see a stock drop after the conference call and you wonder what was said, tune into the first question asked from analysts, and that'll probably be what the culprit is.

In this case, the first three questions from analysts to Shopify was tackling the same issue.

That's the thing that was on everyone's mind.

It's a trend that they're calling agentic commerce.

Tyler, investing is all about the future, right?