No criticism of your post intended, Ant.
Of course if you really don’t like the risk then don’t invest in overseas companies but if you do and you want to understand the underlying performance then its worth understanding the genuine drivers of the business and separating if out from the currency markets movements. - Ant
As an FYI, MELI is about 7% of my portfolio (plus another 17% in a Singapore based company, FWIW). “Liking” it is not the point. I am merely recognizing that investing overseas can involve direct effects on the value of your investing beyond how many widgets were sold for X amount on an FX neutral basis. As we all can (or should) agree, we pay for our living expenses with our local currency in most cases.
And (perhaps shocker?) I don’t deny FX neutral has the usefulness you mention. I’m just saying that folks should not ignore how their company is doing FOR THEM (ie, local currency… USD in my case).
As for you calculating your results based on SGD, that would be desirable… for you… from my point of view. And, of course, you recognize that it wouldn’t mean much to 99% of the viewing public here and that’s a contributing factor why you included portions of MELI’s press release.
Final observation: Note that many international companies (including MELI) try to hedge currency variations… often… it seems… to negative effect because doing so is HARD to do successfully. That’s just another factor for why evaluating in our “home town” currency is of value.
In any case, my initial post was commentary on a detail… USD results are slightly lower than this “FX neutral” number. The difference should be no difference in this case as to whether the company is a worthwhile investment (it is!), although folks on this board can certainly decide it may not be one that fits their objectives. After all, capital requirements are high, margins are low and highly variable… but 100% annual growth tends to make those negatives a bit more bearable. 
Rob
Rule Breaker Home Fool & STMP/MTH Maintenance Coverage Fool
He is no fool who gives what he cannot keep to gain what he cannot lose.