u/degentendymaker

MELI is the largest e-commerce and payments platform in South America with a logistics network moat, down 40% from ATH due to reinvestment cycle and currency/Argentina risks. The temporary earnings drag from reinvestment (credit card/loan expansion, logistics buildout) creates a buying opportunity for long-term investors before earnings normalize. Long MELI as a high-quality compounder in an underpenetrated market, trading at a fair price despite still-elevated multiples. Sustained Argentine macroeconomic/political crisis, currency devaluation, rising credit losses from loan book expansion, or prolonged reinvestment cycle delaying earnings recovery.