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.

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 <li>Norges Bank <a href="https://youtu.be/6FTdUO8D20o?si=_YanpYHDJiCG3ap1">Interview with SE CEO</a>.</li>
 <li>Jimmy’s Journal⁠'s <a href="https://jimmysjournal.substack.com/p/shopee-se-is-killing-mercadolibre">Article on SEA</a>.</li>
 <li>RS Capital <a href="https://rscapital.substack.com/p/a-deep-dive-on-sea-limited-se">Deep Dive on SEA</a>.</li>
 <li>Hayden Capital <a href="https://youtu.be/vKpwhgydckg?si=5E5MD4h2uUxNal1X">Interview with Drew Cohen</a>.</li>
 <li>Hayden Capital <a href="https://haydencapital.com/">Shareholder Letter</a>.</li>
 <li>Previous Intrinsic Value breakdowns: <a href="https://youtu.be/nGewpVmqlI8">Mercado Libre</a>, <a href="https://youtu.be/tjpWqVuNKBc">Coupang</a>, <a href="https://youtu.be/3rxrnbj8OTE">Amazon</a>.</li>
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