$MELI

It’s insane to see how willing people are to draw inference from price action.. It’s easy to praise independent thinking and contrarianism but very hard to actually implement. Here is the thing: E-commerce is a lousy business when it’s just e-commerce. But, having the dominant e-commerce platform in a region gives you an invaluable platform to expand into other businesses with higher margins thanks to captive customers. In $MELI case, for instance, they are already building the dominant fintech in the continent; creating a giant high-margin advertising business; and they can even open their logistics service to third parties as $AMZN did etc. It just takes time. Remember $AMZN also did nothing from late 2020 to 2025. Markets care more about the short term than the long term, but th