SE基本面强劲（便宜、数据出色、抽佣率上升），但风险/波动性高；并非最高信念的买入。

All right, last but not least, um, we got C Limited, which is a company that's not too long ago, right? I felt like I pitched that to you maybe a couple of months ago, but definitely not too long ago. Um, it's interesting. I mean, probably most people here know that. Um, I'm a big fan of Mac Libra or we both are. Um, and the business model behind it. I think Shopppee to some extent and I know it's always simplified. Um, they try to build the same thing. Um, it's not yet there at the scale and it also depends on which market you are in. Obviously they have um they compete with Mad Libra in Brazil but they're mainly in Southeast Asia and but they have a lot more market share too.

Um so it's a bit difficult for us to rank here because if you just look at their numbers um they're growing a lot. Um it's pretty imposs impressive. Um here I only have Shopee and Money. Shopee is basically their marketplace. Um money is their fintech arm which again is not yet at the level that for for example Macato Pag is um for Mac Libé. They're growing fast.

Um, C Limited is not yet doing that to some extent because it's not yet that important. Um, it's a smaller part of the business. So, I would assume they will give you more metrics um, when the time comes. But some things are just I don't know I I would like to have more insight. So for example the NPLs which is uh the non-performing loans um one of the most important metrics um for these payment operations if you look at me they're about seven times higher than than for um C Limited and and part of the reason is that they have significantly smaller loans and the payback schedule is sort of different. So for example, they only give you a loan for about 10 bucks and then if you pay for um with using um using their wallet for example, next time you get um I don't know your salary or next time you pay, they immediately get their cash back. So it just um by the structure that they have very likely that you will pay back the loans whereas it used to be the same for MacB but then they push into new loans. Um that means the loans are are larger. The loans are not only for the next 12 weeks, but they're actually for the next 12 months. And all of that structurally increases the likelihood that some loans will fail. Um so it's not that you can just compare those numbers and say one business is more risky than the other.

Um and yet a bit more insight into their business would would sort of be nice just um for the safety aspect. But apart from that, the business is growing well. Um you see one of the most important metrics too is the take rate um on on the marketplace which basically tells you how much of the GMV or the the gross merchandise value um they can actually keep um is rising and you know you could either do that by having an advertising business that is growing um you could also do it by having a logistics business where you get some extra secret which is actually what C Limited has done or you just increase the fees um for the merchants which is not the most sustainable way to do. So usually you go for the advertising business or you go for logistics.

Um and C Limited is sort of going into the same direction which is where you see the take rate over time um increasing. It's a company that I find very interesting. Um after our podcast on it I bought it. Um I built a position. Um since then I think it has also performed quite well although it's you know pretty volatile so I wouldn't be surprised at all if if we see completely completely different prices again um in the future

I think to me um if I look at it let's see where we coming from I think bought it like 80 to 90 something like that um wasn't March it could have been in March that we actually pitched it um which is I think it's about 50% so we actually I didn't realize that we caught the bottom um with the pitch interesting. But again, it's a volatile stock. It could change quickly.

Um, looking at the other companies here, looking at Meta on at B, I would probably put it here. Um, it's just a way more risky bet than than most other stocks here. I could also see how it's lower. Um, if Shopify is D, you could probably you could probably put it lower.

yeah, I I'm not falling over myself to to own it, but uh it's one of those that I really enjoy keeping an eye on, if anything, to inform uh help inform my understanding of our Marcato Libre investment.

>> Yeah. Yeah. I think it's um it's it's also a bad which kind of makes it more difficult on a part of the world that is way more competitive. We've seen that with a lot of other companies that we covered in in Asia. Um, so you're further away, it's more competitive. Um, that never helps. And if then the disclosures are a bit more difficult, um, or not as good to some extent, um, it doesn't add a lot of certainty, um, to your decision-m, but I think generally it's a it's a cheap company with fantastic numbers. Um, and obviously all the benefits that could come through AI and robotics that also apply to Amazon and Mac Libra would also apply to um, to Simon. It's generally an industry that I that I sort of liked um when it was a bit bit more disliked or a bit less popular um for the general market.