No. of Recommendations: 1
Ilan, thanks for the reply!

I think MELI will be worth double today's market cap in four years, so today I think it's worth about $450. Maybe I'm wrong and it's worth more like $350. But I am very confident the puts I've written at $250 would give an attractive entry point.

I don't think P/E is useful for a super-growth company. Second, earnings have to be adjusted before you can use any earnings-based metric on MELI because of a large one time accounting change (they've taken Venezuela off the books entirely). Third, MELI's earnings don't reflect MELI's true underlying earnings power as management seeks to grow the market vs. optimize for short-term earnings.

Thanks,
Rohit
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