MELI是一家顶级公司，持续高速增长（连续27个季度增长30%以上），且剩余机会巨大；目前交易处于历史最低估值水平。
逐段跳播
这些大趋势极具吸引力，以至于彼得——他在Melly担任了25年的前首席财务官——实际上辞去了那份工作，加入DLo担任首席执行官。
The megat trends are so attractive that Peter, the former CFO of Melly where he worked 25 years, actually left that job to join DLo as a CEO.
所以，如果你想想New Bank和Mac Libra，这两家我们投资组合中持有或拥有的公司，它们提供信用卡，例如，它们的信用卡运行在Visa和Mastercard的通道上。
So if you just think about New Bank and Mac Libra which are two companies that we hold or own in our portfolio they offer credit cards and their credit cards for example run on Visa and Mastercard Rail.
你已经有一位可能拥有南美科技和商业领域最好工作之一的CEO，他选择加入DLO而不是Melly，这对我来说，作为一个非常喜欢Melly公司的人，正如你所知，是DLO作为公司的一个巨大加分点，而Petro基本上说过，如果他不相信DLO是当今南美市场最令人兴奋的地方之一，他就不会离开。
You already got a CEO that probably had one of the best jobs in South American tech and commerce going to DLO choosing it over Melly which to me as someone who really likes Melly as a company as you would know is a huge bonus point for DLO as a company and Petro basically said that he wouldn't have left if he didn't believe DLO is one of the most exciting place in the South American market today
我一直在思考的一件事是，我能否利用我在Marcato Libre看到的早期技术趋势，在新兴世界，并以某种方式在更早的阶段找到类似的东西，并能够乘上类似的长期浪潮。对吧？所以我认为支付是一个明显的例子。
我们在Marcato Pago看到了这一点，随着拉美所有新银行的涌现。
One of the things I was thinking a lot about is you know can I leverage what I saw at Marcato Libre an early stage technology trend across the emerging world and somehow find something similar to that at an earlier stage and be able to ride a similar secular wave. Right? And so I thought you know payments is a clear example. We're seeing that in in Marcato Pago with the emergence of all the neo banks in Latam.
挑选新兴市场的赢家，难点在于很难知道谁会成为下一个New Bank或下一个Melly，谁又会半途而废。
picking emerging market winners is that it's very hard to know who will be the next new bank or the next Melly and who will go by the wayside.
所以，如果你想想像Melly或New Bank这样的公司，这家支付公司没有信用风险。
So, you know, if you think about companies like Melly or like New Bank, there's no credit risk in this payments company.
如果我可以再举一个类比，这类似于亚马逊需要投资数百亿美元才能在巴西或其主要市场与Mac Libra竞争，因为电子商务并非在所有地方都一样，客户需求也不同，这不是亚马逊习惯玩的游戏。
and if I can just bring up another analogy here it's similar to how Amazon would need to invest tens of billions of dollars to compete with Mac Libra in Brazil or their main markets because you know e-commerce is not the same everywhere and the customer needs are different and that's not the game that Amazon is used to playing
这与我们看到亚马逊在巴西相对于Marcato Libre的投资是同样的论点，他们就是没有投入足够的资金来真正优先考虑取胜。
That's sort of the same argument that we've seen with Amazon investing in Brazil relative to Marcato Libre that they just haven't put in enough money to really prioritize winning.
所以，最终，Melly基本上在巴西战胜了亚马逊，而DLO战胜了Audient。
And so, ultimately, Melly has pretty much won Brazil over Amazon and DLO won it over Audient.
但我们也希望注意我们对新兴市场的敞口，如果我们考虑Mac Libra，考虑New Bank，然后还有本地，这个敞口并不算小。
But we also want to be mindful of our exposure to emerging markets which is not too small if we think about Mac Libra, if we think about new bank and then also the local.
你很少有机会投资一家公司，它真的是全球所有上市公司中某个类别中最好的。Macado Libra就是那家公司，在超过80,000家公司中，它是唯一一家连续27个季度增长超过30%的公司。
那几乎是七年。那种增长简直荒谬。但最好的部分是，仍然有很大的增长空间。拉丁美洲的电子商务渗透率仍然只有14%。这比其他地区低得多，这意味着有更多的增长机会。虽然Melly显然不便宜，但它目前的估值是有史以来最低的。所以，这是我们研究它的好时机。
You don't often have a chance to invest in a company that is literally the best in a certain category of all public companies in the world. Macado Libra is that company out of over 80,000 companies. It is the only one that managed to grow by more than 30% for 27 consecutive quarters. That's almost seven years. And that type of growth is just utterly ridiculous. But the best part is that there's still a lot of room for growth. Still, e-commerce penetration in Latin America is only 14%. That is much, much lower than other parts of the world, which means there's just more opportunity to grow. And while Melly isn't obviously cheap, it is trading at its lowest valuation ever. So, it's a good time for us to look into it.
这个频道对 $MELI 的历次判断
The Intrinsic Value Podcast 在这只股票上只有这一条判断。