You nailed it. That unmodelable friction is the silent killer in EM stocks. I was too focused on the 149% retention at first, but Kantesaria’s filter forced me to look at the cash conversion, and that 73% number is the ghost in the machine. Keeping this one on the watchlist for now.
You nailed it. That unmodelable friction is the silent killer in EM stocks. I was too focused on the 149% retention at first, but Kantesaria’s filter forced me to look at the cash conversion, and that 73% number is the ghost in the machine. Keeping this one on the watchlist for now.