Coupang, Sea and MercadoLibre remain dead money: their charts are broken, they are still overvalued and they face too much competition. Even after recent gains in Sea, they could stay dead money from here; they might be value, but that won't be known for a couple of years, and value traps are a devastating source of capital impairment. x.com  x.com 

Korean department store operators such as Shinsegae and Hyundai Department Store are better buys than Coupang. Unlike US department stores, Korean ones work as experiential spaces, where luxury goods and pop-up stores are huge money makers and are doing really well. x.com  x.com  x.com  x.com 

Coupang has built a logistics network that is incredibly difficult to replicate, leaving a lot of room to turn that scale into better economics over time. x.com 

Sea Limited's threat from TikTok Shop is understated, because TikTok is a social network that added a shop, creating purchase interest from scratch, while Shopee is a shopping app trying to act social. Video reviews and seconds-long checkout make buying a natural part of scrolling, and Shopee Live cannot easily copy that. Southeast Asian e-commerce may end as a duopoly with two winners, but without a clear monopoly Sea is a less ideal investment than businesses such as Axon. x.com  x.com 

Amazon is losing ground in shopping and should not hide behind a far-off $1T AWS. Customers go where the experience is easy, products are solid and prices great, and Amazon has lost the price battle. Blocking AI shopping agents would cost it the easy experience, while agents predicting orders from a user's history would erase its delivery-speed advantage. Shopify's CEO lifted Shopify 14% with one post on agentic commerce while Amazon fumbled; Amazon needs to wake up before losing share. x.com  … Show more

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 

Coupang looks like a long-term buy on a typical reversal pattern coupled with a large insider purchase. Per @BourbonInsider, a director just bought 7M shares for about $136.6M at prices of $18.48 to $19. x.com 

With its regulatory fine overhang done, Coupang wants to get to $20. If it gets there, it should head to the mid-$20s, though this call could be wrong. Korea is doing well, and the semiconductor gold rush will hopefully help. x.com 

Coupang counts Kevin Warsh, a board member since 2019, among its shareholders, a signal that justifies buying more. x.com  x.com 

Coupang insiders bought a massive $158 million of stock over the last three days, a whale worth tailing. x.com