MELI

"Then lastly, we have Marcado Libé still around the same area, $1,844 shares. As long as we are above $1,800, that's fine by me. Make that your support area and then we can challenge 1,900 2,000 later down the line."

"Names like Lululemon, PayPal, Fiserve, Zoetas, Marcato, Libre, Flutter, JD.com, Tencent, and Adobe."

"I'm not really bearish on Melly. I think it's presenting a great setup in general. If you're willing to take on, you could say the Latin American risk, you're willing to take on the loan book, you're willing to take on all those risks as a competitive, you know, landscape relative to maybe Amazon as an alternative, then mele it's a it's a great investment. It's well priced for a lot of those things and it's primed to do really really well."

"I don't own Mellie. I think I sounded overly bearish to the point that some people thought I was shorting Melly and I hate the company which is not even true."

"So again, as a long-term shareholder, this is actually what I want them to do is reinvest the cash flows to capture a significant amount of growth. But let's continue on through my screenshots. Now, moving on through the shareholder letter, they wrote, "Users are transacting more frequently with items per buyer rising 14% year-over-year." This was led by Brazil, where growth was 19% year-over-year."

"Marcato Libre's business again is continuing to accelerate even though it is scaling and is massive now. All right. Now, we are going to do a rapid fire from some of the key charts from the presentation. This first one shows us that unique buyers are up 26% year-over-year to 89.3 million and the growth rate is remaining around 26%."

"And overall, I do think that Marcato Libre's loss rates on their loan portfolio are down and still looking good. Moving on to the next screenshot. This one shows us that the operating margin is down to 6.7% this quarter and declined by 0.2% quarter-over-arter. The net margin is also down to 4.6%."

"And I believe that this is extremely bullish for Marcato Libre. Marcato Libre's Brazil revenue hit $19 billion in the trailing 12 months and grew 50% year-over-year. This is the fastest growth rate that Marcato Libre has seen in Brazil since the second quarter of 2024 and it has been consistently accelerating since the third quarter of 2025."

"Marcato Libre is the only company in the entire stock market to grow revenue by over 30% for over 30 quarters consecutively. There is no other company growing this fast and this consistently in the entire stock market."

"So, Marcato Libre and Latin America, the best is coming. And that is why they have so much conviction on investing right now to capture as much growth as possible because they believe that there is decades of runway left ahead of them. And right now is the time to build out the moat and capture as much opportunity as they possibly can. And I agree."

"Moving on, this one shows us that gross merchandise volume is steady at 36% year-over-year growth on a consolidated basis. However, it actually accelerated to 39% in Brazil, which I think is very bullish because Brazil is Marcato Libre's largest market by far. So, Marcato Libre is seeing an acceleration in its largest market."

"And we can see that the owner's underlying free cash flow potential of Marcato Libre is now at $7.45 billion in the trailing 12 months. And in my opinion, this gives us a ballpark as to how much true cash flow Marcato Libresy's business is producing right now before it invests so much money into growth."

"However, income from operations came in at 683 million with a 6.7% margin. So, the operating margin is still being compressed from investments. Net income also came in at 466 million with only a 4.6% margin. Total payment volume came in at 101 billion though, which is up 56% year-over-year and on an FX neutral basis. Gross merchandise volume also accelerated to 21.9 billion, growing 44% year-over-year and 36% on an FX neutral basis. Then Marcato Libre wrote, "Net revenue and financial income gre"

"So, the story of this quarter is that Marcato Libre is continuing to sacrifice profitability and margins in the short term to invest aggressively into growing the business. Now, this would concern me a lot more if Marcato Libre wasn't growing its revenues 50% year-over-year and seeing its revenue growth rates actually accelerate despite it producing over $10 billion in quarterly revenue."

"And even right now after the selloff that the market is seeing, it's still trading for about 29.7 times EBIT. This is while the margins are being compressed and people are doubting"

"Marcato Libre is growing 50% while maintaining profitability and steady margins. Not even the hyperscalers are maintaining positive profitability and free cash flow while trying to produce around 20% topline growth. And Marcato Libre again is maintaining profitability while growing the top line 50% year-over-year."

"Marcato Libre stock is down 7% on the day after they reported their earnings yesterday after the close and the stock is still down about 31% from its all-time highs. And as promised, I'm going to be going through the earnings report and sharing my thoughts because I do own quite a bit of Marcato Libre and the TLDDR is that I did buy a couple of more shares after the report because I think that the sell-off isn't necessarily warranted."

"But most importantly, he says that every single investment has a very clear path to profitability over the longer term. So the margins are being compressed today, but he is clearly telling the market that he believes that the future profits of the business are going to be massive. Lastly, he said that operating leverage actually increased quarter over-arter and they expanded the operating margin by over 2% again quarter over quarter, but then they chose to reinvest that expanded margin back into"

"So despite Brazil being Marcato Libre's largest market by far, it is still growing 50% year-over-year and continuing to accelerate. In fact, if we take a look at a quarterly basis, this quarter specifically had the fastest year-over-year growth rate since the second quarter of 2022 in Brazil. That is how much the Brazilian revenue is accelerating."

"Now you can speculate as to what this wording change means but I do think that it is kind of a hint and important and in my opinion it could be suggesting that Marcato Libre believes that their margins are going to expand from here because they're saying the best is now here. It's not coming, but we're seeing the best of this opportunity. So, I think that this is bullish and it seems like the management is continuing to be bullish as well."

"So I believe that Marcato Libre if they chose to reexpand their margins could actually grow EBIT by 40% annually over the next 3 years. So now let's talk about the price to EBIT ratio of 30. Well, if we take a look at Marcato Libre's historical median since 2023, it has been 36.3."

"However, I believe that the net interest margin after losses hit a bottom in the first quarter and is now going to start to expand going forward from here. Moving on to the next screenshot. This one shows us the non-performing loans and the provisions coverage that Marcato Libra has for those non-performing loans."

"Now, I think that the sheer acceleration and significant growth to the top line at this scale is showing that these investments are actually paying off. And as a shareholder over the longer term, I want them to be doing this because as the revenue continues to scale, then when they do focus on profitability and expanding the margins, then we could see profits absolutely explode because they'll be working with so much more revenue to capture profits from."

"Marcato Libre's fintech revenue on a trailing 12 months basis is also accelerating and hit 50% year-over-year growth in this quarter. So the fintech revenue is massive and actually almost the size of new bank now. So now let's quickly talk about Marcato Libre's valuation."

"This immediately leads me to believe that Marcato Libre stock is significantly undervalued today. However, the owner's earnings are not true earnings of the business right now and it's not wise of me to expect the market to value Marcato Libre off of potential owner's earnings."

"I mean, think about it. This is a business doing about $40 billion in annualized revenue now and it's still growing 50% year-over-year. That suggests to me that again the runway is massive and this business could probably be producing well above 20% annual growth rates for the next 5 to 10 years. Then the last thing that I want to highlight is that Marcado Libre wrapped up the shareholder letter by saying the best is coming."

"So, Marcato Libre's fintech business is continuing to explode. MAUs are up 38% year-over-year. AUM is up 68% and their credit portfolio has grown by 75% year-over-year. their NPL ratios, which is essentially their loss ratios, are also near historic lows. So, they're able to significantly scale their credit portfolio while also keeping their loss rates near lows, which is kind of unique because typically with a lending business, when you scale your portfolio so rapidly, you see your losses spike"

"So what the CFO is saying here is that they're continuing to invest so aggressively because they're seeing strong growth to both revenue and profits. He also says that every investment they make and the capital that they deploy is measured against strict and clear metrics and as long as they are hitting those metrics, they will continue to invest."

"We have some news with regards to Google Alphabet, Meta, Mercad, Libé, Axon, Uber, they all reported their quarterly figures."

"I'll first start of course with Marcado Libre, which is a company that is in a league of its own. Yes, the stock is down 10% year to date."

"Marcado Libre. Same with new. It was battling in certain area for a couple of weeks. We're now at 1,800 plus close to 1,900. I do think we can go back above 1,900 if this momentum does continue."

"For example, I own Amazon and Marcato Libre stocks in my portfolio. And if you go take a look at the 5-year returns of these two stocks in specific, they're not that good. I think Amazon is up something like 40% over the past 5 years. And Marcato Libre is flat or even down over the past 5 years. And so many people in my comments whenever I talk about these stocks say, "These are terrible investments. They haven't done anything for 5 years." You know, why would you want to own something like this"

"Now, another example that I have here is from Marcato Libre's most recent investor letter that they put out in June of 2026. So I have a couple of screenshots and in the first one it says Marcato Libre runs the largest technology operation in Latin America."

"So Marcato Libé is also saying that artificial intelligence is materially impacting the business and allowing them to do a lot more with a lot less. The overall productivity of its employees and the business has increased tremendously."

"Same here with Marcado Libé. Already last week we've had some positive momentum. Now even more with $1,852."

"Last but not least, and that's a company we've been talking a lot more. I actually had an executive from the company on the channel a month or so ago, and that's Marcado Libra. Marcado Libra over the past 12 months is down 27% has also experienced a draw down of around 38% or so near its bottom."

"Moving on to Marcado Libé. Yes, slowly but surely, it went back above $1,700. The 50-day set at $1,726. We closed the week at $1,763. So, we are right above that."

"Marcado, Libra"

"Or if you like another stock that you think should be in the S&P 500 like Marcato Libre, then you can add that in as well."

"We have discussed Adobe Mercado Libre recently"

"Stock number three, Marcato Libre. This one's interesting. Marcato Libre is basically the Amazon of Latin America."

"But given where a lot of other [618s] stocks are in the market like Amazon, [620s] Meta, Microsoft, Brookfield Asset [622s] Management, Marcato, Libre, I simply [624s] think that those stocks are offering [626s] much more value here and those [628s] businesses are also growing much [630s] quicker."

"Number five is Mercado Libre. Now, this one may be the most interesting stock on there. Um, it's definitely one that, to me, when I'm looking at this company, fundamentals are great. Everything about it is great."

"Michael Burry is buying and we discussed this in the full Mercado Libre video"

"Mercado Libre stock is down more than 33% but if you look at the e-commerce penetration in Asia and Europe, North America, it's about 40%. Latin America still in the teens. Therefore, the room for growth is huge and the company has been growing crazily."

"Let's talk about Rocket Lab, Axon, SoFi, Marcado, Libé, Meta, Uber, New Holdings, and Netflix."

"All right, let's now move on to the fourth stock that I think is looking attractive in the market right now. And this one is Brookfield asset management, which is one of the largest positions in my portfolio."

"Marcato Libre stock is down about 40% from its all-time high. In this video, I'm going to analyze Marcato Libre stock from scratch and figure out if it's currently a buy, sell, or hold."

"Melly can continue for many many years in the future, grow above 20%"

"I think Melly today is in the much much better position to compete"

"I've had a great interview with an executive at Melly"

"I have full confidence in this worldclass company"

"quality of a business like Marcado Libre."

"Marcado Libra you might say"

"Melly could be worth $2,400 per share."

"I mean you mentioned the investment of course right now Mel is in an investment cycle it's not the first investment cycle of the business I mean the whole logistics network has not been built overnight so previous investment cycles have happened but right right now it seems Fact the market is seeing okay we see the growth but we also see the investment hitting margins and so right now how is Melly actually balancing this out"

"we are very we're very confident that you know the the reasons by which this uh margin compression happened are totally under our control and generated by us in a way rather than imposed by the market."

"It's around half of the portfolio. Now, uh while we don't have a preset target of how much we want it to be, we also know that we are only the sixth issuer of cars in Brazil and the fifth one is three times our size and we are still very tiny in Mexico. So you need to expect that that that mix will continue to skew towards the credit card and that means that the NEML in itself forget quarterly movements that I'm going to explain now it will go down but on a much bigger pool. We're doing it for t"

"Stock number five is Mercado Libre. All right, this one has been a retail favorite for some time."

"Marcado Libre, $84.3 billion in market cap. So, what is it here? Almost 20 times 20 Marcado Libres."