3/20/26 :: VROCKSTAR :: 
MELI
Time to start building to LT spot
- fastest consistent grower perhaps in the public markets
- N of 1 company and founder
- investing to continue that growth (markets want cake and eat it too... i'll take cake and then i'll eat it too, later)
- HSD fcf yields (even w/ this investment)
- this is one of those "buy at reasonable price and let it compound over the years" type stocks, similar to
NU and 
DLO (that's the three-horse-men of latam winners)
V
MELITime to start building to LT spot
- fastest consistent grower perhaps in the public markets
- N of 1 company and founder
- investing to continue that growth (markets want cake and eat it too... i'll take cake and then i'll eat it too, later)
- HSD fcf yields (even w/ this investment)
- this is one of those "buy at reasonable price and let it compound over the years" type stocks, similar to
NU and DLO (that's the three-horse-men of latam winners)V
Trade attivo
think i'm being too loose about the fcf and the conversion from ebitda->true operating fcf probably at high 30s and can go back to 50s (i think by say 2030). if you can do say $5B of ebitda in 2026 and conversion is 37%... round up that's about $2B in true economic fcf which is a ~2% yield growing at about 25+% yoy (w/o additional expansion in this conversion). realistically this is where the market would call it GARP (growth at a reasonable price). i would contend as we move thru the year and mkt starts to look toward 2027 (which rn is an impossible task given the weird mid-term dynamics), the closer we get to 3% at a similar 20-30% CAGR in that rate, the more obvious MELI becomes. my best sense is that $1.4k/share is probably massive value floor and would only be hit if we get a weird risk off. I'd probably stack the deck all else equal (don't ignore it's also an election year in the other banana republic of brazil this year). so again, i'm comfy w/ an unhedged 2-2.5% position here. would size it up below $1.6k and get more aggressive at near $1.55... or lower and probably start seriously considering a 5-10% position anywhere below $1.5k. right now i think the R/R remains better for NU so i have that at 6% size as the largest single name (beyond the game i'm playing with Sbet as my largest position, by a lot).V
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Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.