Both AMZN and MELI run the same five-part playbook: Marketplace, Logistics, Fintech and payments, Advertising and a subscription and loyalty layer on top.

They run the same model. They’re just at opposite ends of the investment cycle. Amazon is coming out of its margin compression and capex peak. MELI is walking into one.

That single fact reorders how you should read every multiple, every margin line, and every cheap-or-expensive debate around these stocks.