I agree that companies (and investors) with a long-term mindset tend to outperform. Meli is a great business, the only question is valuation. It is hard to to use cash flow for Meli given the fintech side of the business will skew the numbers.

On an income-basis, what do you think is a fair value multiple for Meli?

It has great growth rates, but it is much more expensive than other companies like PDD Holdings or Kaspi.