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Episode Description
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 (00:02:29) How Sea Limited was founded (00:06:35) Which business units belong to Sea Limited (00:10:37) How a gaming business is funding Shopee and Monee (00:16:55) How Monee compared to Mercado Libre’s Mercado Pago (00:40:22) Why Shopee has become the largest e-commerce company in SEA (01:13:45) How Sea Limited’s moat looks like (01:22:47) Why Sea Limited is so strong in Brazil (01:28:58) Valuation discussion of SE (01:30:53) Intrinsic value of SE (01:31:37) 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.
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- 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: Uber, Nike, Reddit, Nintendo, Airbnb, AutoZone, Alphabet, Ulta, John Deere, and Madison Square Garden Sports.
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