The Intrinsic Value Podcast on $NU (Nov 7, 2026)
The speaker likes NU's exposure to the Latin American financial digitalization wave but would not want to be invested in NU: paired with MELI it makes the portfolio highly leveraged to the Latin American consumer and a volatile ride. NU also earns roughly half what Mercado Pago gets per loan, though Mercado Pago takes more risk per loan.
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(19:41) And again, while Macado Pago takes more risk per loan than for example another portfolio company of ours, which is New Bank, it does get paid roughly twice as much as New Bank.
>> We're definitely seeing a wave of digitalization in all of those countries, especially in the financial system, which is why we like Marcato Libre and also New Bank.
especially when you pair it with the position that we have with our existing stake in new bank making us pretty highly leveraged to the Latin American market and more specifically the Latin American consumer at a minimum and that will make for a volatile ride if history is any guy.
And I looked at the Brazilian elections and you know what the win of either Bossaro or Lula could mean for Melly, New Bank and so forth.
honestly, I wouldn't even want to be invested in Melly anyway or New Bank for that matter.
(57:59) pair it with the position that we have with our existing stake in new bank making us pretty highly leveraged to the Latin American market and more specifically the Latin American consumer at a minimum and that will make for a volatile ride if history is any guy.