I don’t understand what kind of edge anyone needs to understand the MELI investment. Mercado Libre’s future framing is very simple in my view. A few years from now, MELI will have a GMV that is multiples of its current self. Their recently reported GMV/revenue growth rates, which aren’t just massive but are somehow accelerating, make this obvious, especially with the open-field runway sitting ahead. Attach any margin or take rate you want to that and any depressed market multiple you want to it, and you get a stock price that’s higher than today. Full stop.