$MELI

Big spot for $MELI today... testing the VWAP from the 2022 lows... down -40% from the highs... trading at it's lowest ebitda multiple since the 2008/2009 GFC lows... company is seeing some margin compression because their credit portfolio is growing 80-100% YoY which means they have to account for credit losses upfront which hurts margins... however this short term headwind will be a long-term tailwind as they're collecting interest income on the credit portfolio. $MELI just grew revenues by 49% YoY, their best growth in ~4 years... even though margins are getting squeezed... their different business units are accelerating which justifies the capex investments they're making this year. NFA. DYOR. *We have a position in $MELI at @FirstWaveFund and added to it today.