MELI is a strong business currently undervalued after being overvalued in 2021; future performance is expected to recover.

You know, the the two public market companies that come to mind when I hear this as loose parallels aside from Capital One and like, you know, the hey, is this Capital One in '94 or 2006 comps, the two that come to mind would be MELI, MELI, Mercado Libre, and Kaspi, K A S P I.

And I I MELI I think is a little bit of a different business. I think they have more retail focus as well, but they they do have a fintech segment here. And both have been kind of catnip for investors in a similar way to this, you know, you you can look at fund letters and people and I think smart investors there.

And both haven't worked out as well as I think they would have, you know, both are still growing nicely, ROEs on both are nice.

So, how would you look at Nubank, you know, if you're investing today, you're doing it because you think it's going to be alpha, and Kaspi and MELI, they haven't performed poorly over the past five years, they just haven't like generated tons of alpha.

So, what what do you think is different here versus those two peers?

>> Yeah, well, coincidentally the the two companies you mentioned are our other two large holdings. So, I know them well.

Um on Mercado Libre, I I think just to touch on that, we again think that's a phenomenal business. You know, I think that in that case you mentioned the five-year sort of look back and that is absolutely true.

I would say that the valuation in our opinion back in the during the COVID 2021 time was extremely rich and now we would say it's undervalued.

So, I think if you go back to the IPO, what is it, 27 years ago, I think it's compounded in the in the 20s. >> I I had to stop it at five years cuz if you go to like 10 or 15 for MELI, it looks really damn good.

>> There we go. So, so yeah, our our view is that the next five or 10 will be back back on track.