Are you talking about investors in the stock or the loans?

The group(s) that bought the loans undoubtedly did a lot of due diligence in researching the loan portfolios to determine their worth and figuring that a good percentage will default. The folks buying the stock who have no access to LEND’s book or loan portfolios are pure speculators. If institutional investors are paying more than face value for their loans then they have some good assets. Or at least they “had” some good assets. I’d be more worried about what they kept than what they sold.