MercadoLibre, Inc.

“MercadoLibre is the dominant commerce and fintech platform in Latin America, operating a self-reinforcing flywheel with no credible full-stack challenger, 49% revenue growth, expanding margins, and a 15-20 year reinvestment runway across structurally underpenetrated markets. At 28.5x forward earnings the valuation is fair but not compelling — the business deserves ownership, but the limited margin of safety and cyclical exposure to LatAm macro and the Mercado Crédito book argue for disciplined entry in tranches rather than a full position at current prices. Permanent capital loss risk is low; a painful drawdown on macro stress is a real but temporary scenario that a long-horizon investor can tolerate.”