Coupang is a phenomenal buy because a board member just bought $136 million of stock, probably the largest non-founder insider purchase ever seen, and there is only one reason to do that. It trades at about 20x next-12-month EBITDA, with EBITDA expected to grow about 30% a year for the next few years, though margins compress slightly this year on Taiwan expansion. Versus Sea, Coupang looks a little cheaper after being overly punished for its data breach. x.com  x.com  x.com 

Korean stocks are being crushed by a leveraged retail bet on a memory boom that ignored the industry's cyclicality. Samsung and SK hynix make up about 50% of the market's weight, and investors piled in on leverage on the belief that sub-10 forward P/Es meant up only. The 3x leveraged Korea ETF fell 33% in a day and 70% since June 1. Per @zerohedge, 1.2 million Korean leveraged retail accounts hit margin calls by July 13, with 320,000-360,000 forcibly liquidated. x.com 

PDD Holdings is too cheap at 5 to 6x earnings ex cash because the market prices a permanent margin collapse, likely as extreme as the old belief in endless growth. Its push into supply chain, first-party and merchant investment may make it bigger but less profitable, and Temu's durability is unproven. Yet this quarter's $15.4B revenue still yielded about $2.8B operating profit, and $77B of cash and investments backs much of its value. If earnings just stabilize, the multiple looks unjustifiable. … Show more