I have decided to start a brand new position in Coupang (CPNG). The earnings review will come out on Saturday to explain why I am bullish. The Deep Dive will hopefully come out before next earnings season. I’m not quite ready to publish the review, but I know more than enough today to want to own this going forward. The core business is extremely healthy, and delivering margin-accretive growth. New bets are building traction and this company is quickly creating an Amazon-like offering for Korea. I view this company very similarly to Mercado Libre in Latin America in terms of quality and opportunity. With a 0.6x PEG ratio (using EBITDA) and an explosive GAAP net income profit inflection taking place, I am ready to own this. Dollar strengthening following a volatile election cycle will not deter me. Much more detail coming soon.

On Celsius, I am not adding. I’ve said this needs to be my smallest position and I’ve said they need to reverse Q/Q market share declines for me to consider adding. That didn’t happen and consumer brands come and go constantly. This one needs to prove that it isn’t fizzling out. This quarter did not add to my confidence here, and, if anything dwindled it a little. I’ll share a lot more tonight in the earning review. I’m sitting on my hands and doing nothing.

Please note that my cash & equivalents pile as of today is held in the Schwab Money Market fund to earn yield. Liquidation, which I’ve now initiated, takes a day to clear. I will make this CPNG transaction tomorrow morning, but I wanted to inform you on the decision as soon as I made up my mind. Tomorrow, the portfolio will look identical to the image below, except the money market allocation will shift to CPNG.

Mercado Libre, Duolingo & Celsius reviews are all coming tonight.