Research Reports

Shopee is grabbing market share in Brazil. Amazon is expanding fulfillment. MELI responded by cutting free shipping thresholds. Part 3 examines the competitive threats, the reinvestment decision, and what the…

In 2009, Marcos Galperin moved his desk next to the CTO’s office. What followed was a decade of bets that transformed a marketplace into an ecosystem—and a 2018 crisis into…

MercadoLibre raised $7.6 million in October 1999. By March 2000, they had negative runway. This is the story of how they outlasted 80 competitors and built the foundation for a…

CEO Glenn Fogel says Booking has no moat. The numbers say otherwise: $9 billion in customer float, 65% direct traffic, and 22% of shares bought back since 2022. Here’s what…

A deep dive into Booking Holdings’ pandemic playbook: How Glenn Fogel’s contrarian strategy, merchant model transformation, and Connected Trip vision created one of the market’s best recovery stories. Complete with…

A 60% stock plunge in just 10 weeks. The first missed guidance in 33 consecutive quarters. A UI redesign that customers actively dislike. What happened to The Trade Desk’s seemingly…

Our lives today are increasingly better, but also getting increasingly complex. In the 1990s, advertising was simple. Television with a handful of major networks, radio, print, and billboards dominated the…

I’m a fan of platform businesses primarily because it often leads to a monopolistic or oligopolistic market position. The largest player, with the most merchants and traffic, offers the most…

Humans are naturally linear thinkers—we expect recent trends to continue indefinitely. So, when the energy drink company Celsius posted 100% annual growth for four consecutive years, investors began dreaming of…

There’s little in the world as addictive as simple carbohydrates, and rarer still is a company as capital efficient as Domino’s Pizza. In fact, Domino’s might be the most capital…

Paycom is a leading provider of cloud-based human capital management (HCM) software. Its comprehensive solution enables businesses to manage the entire employee lifecycle, from hiring to retirement. Designed for user-friendliness…

Due to Singapore’s tropical heat, my wardrobe is mostly shorts; the idea of wearing pants, especially at formal events, makes me shudder. I’ve always avoided buying pants until I’m forced…