Excellent writeup Giuliano! I have looked at this company in the past, but my knowledge of S. America has always pulled me away from putting money there. A few questions:

1. Thoughts on margin compression? Is this more a product of continued expansion (like Alibaba) that is causing them to spend elsewhere to continue growing?

2. What is your TAM for their business? Or should I say, can they continue growing at current rate for the next 5-10 years?

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