The biggest test for fund manager Andrew Mitchell and his investing career came when he doubled down on Afterpay at a time when investors were falling over themselves to get rid of the buy now, pay later stock.

It was 2018, and Australia’s consumer credit regulation was taking shape, stoking fears that profits would collapse under tighter lending rules. Afterpay bore the brunt of investors’ nerves with its shares halving to $12 at the time.