Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent our lives looking for two things: a business with a moat that widens on its own, and managers who think like owners because they are owners. MercadoLibre has both. It is the rare company outside the United States and China that has built what we would call a genuine ecosystem franchise — a marketplace, a logistics network, and a payments-and-banking operation that each feed the others. After the Q2 2026 report published yesterday (August 5), the stock sits about 28% below its 52-week high because management is deliberately spending today's margin to widen tomorrow's moat, and the market — as it reliably does — is grading the quarter instead of the decade. Our one genuine reservation, and it is not a small one, is the $16.4 billion credit book growing 75% a year. It is the reason this is a four-star holding and not five. Let us walk through it. What the business is.
Recent filings analysed: 8-K (2026-09-14), 10-Q (2026-08-06), 8-K (2026-08-05), 8-K (2026-06-12).
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