$NU · The Intrinsic Value Podcast · 2026-11-07
我看好NU对拉美金融数字化浪潮的敞口，但不愿持有NU：与MELI搭配会使组合高度暴露于拉美消费者，波动剧烈。此外，NU每笔贷款的收益约为Mercado Pago的一半，尽管Mercado Pago每笔贷款承担的风险更高。
逐段跳播
而且，虽然Macado Pago每笔贷款承担的风险比我们另一个投资组合公司New Bank更高，但它获得的回报大约是New Bank的两倍。
(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.
我们确实在所有这些国家看到了一股数字化浪潮，尤其是在金融体系方面，这也是我们喜欢Marcato Libre以及New Bank的原因。
>> 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.
尤其是当你把它与我们在new bank的现有持股放在一起时，这使我们至少在拉丁美洲市场上、更具体地说是在拉丁美洲消费者上，具有相当高的杠杆敞口，而如果历史可供借鉴的话，这将是一段波动剧烈的旅程。
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.
我研究了巴西的选举，也研究了Bossaro或Lula任何一方胜选对Melly、New Bank等公司可能意味着什么。
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.
说实话，我根本就不会想投资Melly，就此而言也不会想投资New Bank。
honestly, I wouldn't even want to be invested in Melly anyway or New Bank for that matter.
再把它与我们在new bank的现有持股放在一起，这使我们至少在拉丁美洲市场上、更具体地说是在拉丁美洲消费者上，具有相当高的杠杆敞口，而如果历史可供借鉴的话，这将是一段波动剧烈的旅程。
(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.