PYPL - not sure what PPS has to do with anything - it's a useless metric when it comes to valuation -  but interested in what your bearish thesis is.  Valuation starting to interest me. My rough rule of thumb for determining reasonable valuation is a cap of 2x growth = PE cap. If you take the 5 year growth in order to normalize the earnings (due to covid weirdness), it looks tempting. 

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