Episode notes
Daniel Mahncke and Shawn O'Malley take a deep dive into Sea Limited — the largest Southeast Asian marketplace whose investment case now turns on two of the most debated questions in the stock today: whether Shopee's dominance across Southeast Asia can hold up against TikTok Shop without margins being structurally capped near current levels, and whether Sea's expansion into Brazil, head-to-head with Mercado Libre, is the next leg of the story or a costly distraction from the markets where the company already wins.
IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:02:36 - How Sea Limited was founded
00:06:39 - Which business units belong to Sea Limited
00:11:48 - How a gaming business is funding Shopee and Monee
00:16:54 - How Monee compared to Mercado Libre’s Mercado Pago
00:42:32 - Why Shopee has become the largest e-commerce company in SEA
01:19:22 - How Sea Limited’s moat looks like
01:28:17 - Why Sea Limited is so strong in Brazil
01:34:22 - Whether Shawn and Daniel add SE to the Intrinsic Value Portfolio
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Join the exclusive TIP Mastermind Community.
- Track The Intrinsic Value Portfolio.
- Norges Bank Interview with SE CEO.
- Jimmy’s Journal's Article on SEA.
- RS Capital Deep Dive on SEA.
- Hayden Capital Interview with Drew Cohen.
- Hayden Capital Shareholder Letter.
- Previous Intrinsic Value breakdowns: Mercado Libre, Coupang, Amazon.
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- Follow Daniel on X and Linkedin.
- Related books mentioned in the podcast.
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