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I'm with CITI here . . . I put an underperform rating on MELI in my CAPS portfolio.


Anything in Argentina selling at 30X+ earnings is overpriced. The country's economy is as stuck as an 18 wheeler in a sand dune, and will regress significantly before it inches forward. And I believe they're on different valuation metrics over there which the GG Team doesn't fully grasp. CRESY is a good example.


PS: BTW, my new CAPS strategy for 2009 is to test an underperform rating on all MF's new picks from SA, GG & Stocks 2009. We'll see if I dig myself out of the hole I'm in.
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