Am I missing something about MELI?
So let me get this straight, the largest e-commerce platform in South America, with the most prominent payment-processing system in the region, along with a logistics network that acts as a moat as well, WITH ADVERTISING REVENUE, is down 40% from its ATH in a widely unpenetrated market during a deliberate reinvestment cycle skewing earnings lower, and is aggressively expanding their credit card and loan book? Surely, I am missing something bigger than a short-term problem (currency risk, Argentina is a somewhat wild card geopolitically, policy changes). Considering a long-term timeline, it feels like a no brainer to me, and to be completely honest it seems like it will keep grinding down for a bit. Is this a generational DCA opportunity? Obviously, multiples are still high "Ben Graham-wise," but it feels like a wonderful company trading at a fair price.