Yet Another Value Podcast 对 $MELI 的判断变化
除了Capital One，以及类似1994年或2006年的Capital One比较之外，当我听到这个时，脑海中浮现的两家公开市场公司作为松散类比，是MELI，MELI，Mercado Libre，和Kaspi，K A S P I。
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.
我认为MELI有点不同，我觉得他们更侧重零售，但他们确实也有金融科技板块。而且这两家都像这样吸引投资者，你可以看基金信函，我认为那里的投资者很聪明。而且两家都没有像我想象的那样成功，你知道，两家仍在良好增长，两家的ROE都不错。
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.
那么，如果你今天投资Nubank，你会怎么看？你这样做是因为你认为它会带来alpha，而Kaspi和MELI在过去五年表现并不差，只是没有产生大量alpha。那么，你认为这里与那两个同行有什么不同？
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?
是的，巧合的是，你提到的两家公司是我们另外两个大持仓。所以，我很了解它们。
>> Yeah, well, coincidentally the the two companies you mentioned are our other two large holdings. So, I know them well.
关于Mercado Libre，我想就此说一句，我们再次认为那是一家了不起的企业。我认为在这种情况下，你提到的五年回顾是完全正确的。我要说的是，在我们看来，2021年疫情期间的估值极其昂贵，而现在我们会说它被低估了。
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.
所以，我认为如果你回到IPO时，那是27年前，我认为它复合增长率在20%左右。我不得不停在五年，因为如果你看MELI的10年或15年，它看起来真的非常好。
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.
没错。所以，是的，我们的观点是，未来五年或十年将重回正轨。
>> There we go. So, so yeah, our our view is that the next five or 10 will be back back on track.