Really strong piece — the revenue density argument ($650/person in Korea vs. $30-40 for Sea/MercadoLibre) is compelling, and the 'under-earning by design' framing makes sense if the reinvestment opportunities are real.

One question: at 60-65% household WOW penetration and $650/person revenue, how much runway is actually left in Korea? Is the growth story now dependent on spend-per-customer expansion (more categories), or does it require Taiwan/Eats/other developing offerings to scale profitably?

If Korea is closer to maturity than management suggests, the 'owner's multiple' thesis needs those $900M+ annual losses in developing offerings to turn into real profit pools. What's your base case timeline for that, and what would change your mind if it takes longer?