The Real Reason Market-Makers Are Selling Mercado Libre, and Where Our Edge Actually Lies

MELI (overview): Stock down ~10% post-earnings despite revenue acceleration as margins compressed. Mkt knows mgmt deliberately sacrificing margins for long-term growth—visible in GMV, TPV, DAUs, cash flow metrics. Big money selling not due to margin concerns but uncertainty around *timing* of margin expansion. Institutions are time-restricted by annual reporting requirements; retail edge is choosing to wait years while underlying flywheel compounds.

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