$MELI closed at $1,104.20, about 45% decline from its ATH of $2,020. Since 2012, there has been 5 instances when $MELI dropped more than 40% and recovered. Given the company’s recent performance and the management’s historical track record, I believe 6th time is not an exception.

$MELI “In 2026, retail ecommerce will represent 17.7% of total retail sales in Mexico, surpassing the US (17.0%) for the first time. By 2029, Mexico will be one of only 6 countries worldwide where ecommerce accounts for >20% of retail sales” 🇲🇽 💪

$MELI Mercado Pago Q3 highlights “Net income of US$3.2B (+49% YoY) / Volume of payments (POS) of US$71B (+41%), with 72 million monthly active users / Credit portfolio of US$11B (+83%) / Assets under management reached US$15.1B (+89%)” 💪

$MELI Q3 25 ER “Net revenue of US$7.4B, up 39% YoY (27 consecutive Qs of growth >30% and with strong market share gains across all regions / 80% of deliveries now arrive within 48 hours or less / Pago has >72 million active users, credit portfolio up 83% YoY”

$MELI Retail e-comm sales across LatAm will rise 12.2% this Y to $191.25B, 1.5x faster than the global average . This will make LatAm home to the fastest-growing retail e-comm market in the world. 🇦🇷 🇧🇷 🇲🇽 continue to power the region’s growth, > 84% of total retail e-comm sales.

$MELI Q3 2025 earnings on 10/29. That time of year when packages are not the only thing delivered by the management!

Portfolio Rundown exercise: An efficient tool to help identify where you have high conviction & why Also to determine where r/r is UNFAVORABLE (positions you are losing conviction on & thus should size down or exit) **Will do an example in this weekend's Weekly Recap post 👍

Loomis Sayles International Growth Fund on MercadoLibre $MELI US Thesis: MercadoLibre is well-positioned for long-term growth despite recent elevated investments, as it continues to enhance its ecosystem and competitive edge, making its shares a compelling investment opportunity at a significant discount to intrinsic value. (Extract from their Q2'25 letter)

$MELI ER on 8/4, set your calendars. The time of the year when investors typically wish they owned more shares.

$MELI “The company added > 23,000 OXXO stores to its cash withdrawal network where Mercado Pago users can withdraw money easily, quickly and securely with their physical card. Facilitating access to cash is strengthening the bridge with digital, that's real financial inclusion”🇲🇽

$MELI “Pandora now has an official store on the Mercado Livre Brasil. The partnership is part of the marketplace's strategy to strengthen its presence in the premium segment and in the fashion and beauty areas. It is Pandora's first own store in a marketplace”.

$GTLB Rosenblatt Starts at Buy GitLab provides one of the leading DevOps platforms used by software engineers and IT Ops throughout the application development life cycle. Starting as an Open Source CI/CD tool, GitLab’s expanding DevSecOps platform brings together source code management, CI/CD workflows, application testing, security, project management, monitoring, and more. With all key aspects of the Software Development Lifecycle ('SDLC') on a single platform, the Company delivers an integrated experience across multiple personas, increased productivity and reduced friction. In our view, the growth in and complexity of modern cloud and emerging GenAI applications and the upsell opportunity for GitLab provide significant runway for growth. We are initiating coverage on GitLab with a Buy rating and $58 target price.

$MELI “Mercado Libre announced a new storage center in 3 de Febrero, Buenos Aires. The investment allows to continue improving the experience of millions of users with faster shipments, and to accompany the growth of the more than 95,000 SMEs that sell on the platform”. 🇦🇷 📦

$MELI “Based on the real interactions of millions of users in the Mercado Libre ecosystem, Mercado Ads' first party data allows precise segmentation and relevant activations throughout the entire purchase journey”.

$ADBE Surprised the stock was not up 20% on the news lol “Adobe and the Premier League announced a multi-year partnership to bring new AI-powered personalised digital experiences to fans around the world and provide new opportunities for fans to express their creativity” ⚽️

$MELI “ S&P Global updated MercadoLibre 's credit rating recognizing the strength of its financial structure and consistent business performance. More robust credit metrics. Profitable & expanding operation. Long-term stable growth outlook” spglobal.com/ratings/en/regu…

$BIDU “SF based Flight Deck Capital sees upside potential in Baidu betting on its fast growing auto-driving biz. Baidu’s Apollo Go is the only robotaxi player in China thats not depended on the capital markets to scale. Expect China’s taxi and ride-share to grow to $237B by 2034”

$BIDU “Baidu strengthening its mobile ecosystem with search, live-streaming / Leader in AI with autonomous driving in terms of number of miles tested and number of driving licenses in China / Sitting on a cash pile of $14 billion, ample dry powder to invest in tech esp AI”.

$MELI “Mercado Libre was the most chosen shopping site by Mexicans during Hot Sale 2025 (44% of shoppers) / 42.7 billion pesos in total sales (+23.7% vs 2024) / 38.8 million units sold (half on MELI) / 326 million visits to participating sites (+17% vs 2024)” 🇲🇽 🔥

$DHR “Martin Stumpe will be appointed Chief Technology and AI Officer. Under Dr. Stumpe's leadership, Danaher will seek to accelerate the integration of AI across its global businesses unlocking new levels of scientific discovery, operational efficiency and clinical impact”.