📈I’m Buying More of This Quality Compounder

Fast-growing quality at a fair price

Hi there partner 👋

Sometimes the best opportunities don’t come from discovering something new, but from leaning more into what’s already working.

Markets love narratives. They chase what’s hot, panic over short-term noise, and misprice businesses that are compounding in the background.

Today, I’m adding more to a business that fits perfectly into our Quality Growth framework:

• A dominant platform business

• Massive multi-year runway for growth

• Strong and improving unit economics

• And a management team that has executed relentlessly for over two decades

This is not a turnaround or speculative bet.

It’s a quality compounder operating in markets that are still structurally under-penetrated, with multiple engines of growth reinforcing each other.

The market tends to look at this company through a narrow lens:

• “E-commerce growth is slowing.”

• “Margins are already high.”

• “The market is risky.”

But that misses the bigger picture.

The business does not represent one product, but a self-reinforcing ecosystem.

And the real value creation over the next decade won’t come from revenue growth alone, but from operating leverage, financial services scale, and take-rate expansion across a platform that’s becoming harder to switch away from every year.

In other words:

This is exactly the type of business I want to own more of when volatility gives me the chance.