Kaspi is a buy: core Kazakhstan business is a growing monopoly with strong cash flow, and the Turkey expansion offers asymmetric upside.

Now, this one only shows up as a very small position for Monish at the current time, but I wanted to include this one because I have a feeling it could be a much bigger position for him in the future.

And the reason I say that is because just a few weeks ago, I spoke to Monish for about an hour, and most of that time he just wanted to talk about Kaspi.

There's a company based in Kazakhstan called Kaspi, the WeChat of Kazakhstan.

Kaspi was broken failing bank about 10 years ago. This rockstar manager comes in, CEO. He has now he's got about 40% or 43% of the company. He converts it into WeChat.

And you need your driver's license, or you want to do some shopping, or anything under the sun you want to do. I mean, Kazakhstan is a country with 10 million people. It's a small country.

There is no other company in Kazakhstan that produces 2 billion of cash flow. That's a very large number. That's an outlier. What he was doing, Michael, the rockstar CEO, he was pumping out a billion a year in dividends because they're so profitable, right?

Then he decided that I'm going to replicate what I I in Kazakhstan in Turkey.

So, he bought a small bank in Turkey, and he bought a kind of failing fintech in Turkey.

He told his shareholders, "Oh, by the way, I'm shutting off the dividend for a year or two because we need the cash for what we're going to do." When he shut off the dividend, they took the stock out back and shot it.

So, he made his bets, the stock has collapsed. And then he said, "Now we've made our investments in Turkey, we're turning the dividend back on." So, he just took a like a 12 or 18-month pause to make this bet and come back.

He's a awesome manager. The dividend yield on it is approaching 10%. It's trading at like five to seven times cash flow.

When it got taken out back and shot, WeChat in China came in, bought a big piece. Michael himself bumped up his stake as well. The way I look at this business is, they've got the core business in Kazakhstan, which is actually still growing.

They're still adding bells and whistles to it, which is doing fine, monopoly and all of that. And then they have this moonshot in Turkey.

If the moonshot doesn't work, you make two or three times your money. And if the moonshot does work, then we don't know. Heads I win. Tails I win.

And looking at the numbers, you can see what Monish is talking about, spitting out 2 billion USD in cash flow each year, giving you a rough 10% dividend yield. It's growing rapidly, and it's sitting at a PE of just eight.

So, the discounted cash flow model on Simply Wall Street has this one at 46% undervalued. So, if you're interested, definitely check this one out further in the portfolio I have linked below, but let's move on into the fourth big move coming out of the latest 13Fs, and it is Seth Klarman upping his stake in Amazon.