This is absolutley brilliant breakdown of Sea's interconnected model! The insight about the complexity discount is spot-on becuase most investors just want clean narratives. I've watched a few stocks in my portfolio get mispriced for similar reasons (too many moving parts). The part about Garena funding Shopee while DFS monetizes the traffic is such a elegant flywheel design.
Appreciate that! It’s rare to find investors who actually like the messiness, but that’s usually where the margin of safety is.
You mentioned seeing this mispricing in your own portfolio; I’m curious, what other complex/messy stocks are you watching right now that the market is ignoring? I’m always looking to add to the watchlist.
This is absolutley brilliant breakdown of Sea's interconnected model! The insight about the complexity discount is spot-on becuase most investors just want clean narratives. I've watched a few stocks in my portfolio get mispriced for similar reasons (too many moving parts). The part about Garena funding Shopee while DFS monetizes the traffic is such a elegant flywheel design.
Appreciate that! It’s rare to find investors who actually like the messiness, but that’s usually where the margin of safety is.
You mentioned seeing this mispricing in your own portfolio; I’m curious, what other complex/messy stocks are you watching right now that the market is ignoring? I’m always looking to add to the watchlist.