Woke up this morning & read the $MELI shareholder letter and conference call. This business is simply exceptional and frankly, I don’t own enough.

The execution is a masterclass in culture and efficiency, the story is exciting but what stories often lack are numbers. For $MELI the numbers are even more exciting.

Management understands long term value creation for the end user is everything, this is a classic example of economies of scale shared supported by a powerful network effect. I love this blueprint.

This level of execution would excite me in any region, let alone in a region which has a vast runway ahead for a prosperous future as they increase GDP over the next decade+. MELI doesn’t just get the benefit of riding this tailwind, they’re a driving force leading the come up. For context on the runway, today just one third of Brazilian adults have purchased online using MELI, e-commerce penetration sits at half of the US, UK and China as well as the fact that a huge majority of Latam is underbanked or not banked at all.

The business is firing on all cylinders, reaccelerating revenue growth of 45% marketplace & fintech growing 40% & 51% respectively increasing MAUs at 28%, increasing MELI+ members, advertising and more whilst the Moat continues to strengthen as they expand across verticals, countries and most importantly drive increased value to their customers.

For all this you’d expect a crazy premium, yet today $MELI is undervalued and I plan to buy as much as I can do moving forward.