Duolingo $DUOL is an incredibly high-quality business that I believe the market is misperceiving as a single product language app, when in fact, Duolingo has built the largest habit-forming education platform ever created. There seems to be some real issues around the lack of full fluency learning, but the product is improving daily and will soon have full conversational capabilities via A.I. In addition, I don't think fluency matters to the investment case at this stage. DUOL has already solved the hardest problem in consumer applications, which is daily habit formation at global scale. They've also achieved this with near zero CAC. I don't know of another business growing 30-35%+, while spending just 10-12% of revenues on marketing. As a result, DUOL can grow users faster and cheaper
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