Scale Savings Shared, Global
Christoffer@christoffer
The idea
I believe the best businesses take every gain from growing bigger and hand it back to customers as lower prices, which only pulls in more customers and more scale, a loop that compounds for years. I'm chasing that loop outside the US, mostly in younger, early-innings companies across e-commerce, low-cost finance, discount retail and cheap flights in Latin America, Asia, Africa and Europe, with a small cash cushion and no single holding dominating.
What it owns
- Online sellers that put their scale back into cheaper goods and delivery. · MercadoLibreIt spends its scale as the region's largest online marketplace on cheaper, faster shipping and low-cost payments for buyers and sellers., Sea LimitedIt runs Southeast Asia's leading online marketplace plus digital payments and lending, keeping seller fees and shopper prices low enough to win market share., CoupangIt owns its own delivery network in Korea, so more orders lower the cost per package and let it offer low prices and fast free delivery to members., PDD HoldingsIt links shoppers almost directly to factories through its marketplaces, keeping prices extremely low by cutting out intermediaries., Jumia TechnologiesIt is an early bet that online shopping in Africa can reach the scale where costs per order fall and prices drop for customers., JD.comIt owns its warehouses and delivery fleet in China and uses that scale to sell at low prices with fast delivery., Vipshop HoldingsIt sells brand-name clothes and goods at steep discounts in China by buying up brands' extra stock in bulk.37%
- Digital banks, brokers and money-transfer apps that cut fees as they grow and pull customers from expensive incumbents. · Nu HoldingsIt serves customers across Latin America with no-fee accounts and cheaper credit by operating for a fraction of what traditional banks spend., Kaspi.kzIt is the everyday app for payments, shopping and loans in Kazakhstan, and its size lets it charge merchants and shoppers less than anyone else., WiseIt moves money across borders and cuts fees as volume grows, passing savings to customers moving money internationally., Inter&CoIt is a Brazilian digital bank that gives away basic banking for free and makes money as its customer base grows large., Remitly GlobalIt lets immigrants send money home for less than traditional wire services charge, and more volume lets it push those costs down further., Futu HoldingsIt runs a trading app across Hong Kong and Singapore with low commissions, winning users from pricier brokers.31%
- Store chains that use their growing scale to keep shelf prices far below local rivals. · BBB Foods (Tiendas 3B)It runs bare-bones stores stocked mostly with its own brands and uses each new store's buying power to keep prices below bigger chains., PriceSmartIt runs membership warehouses across Central America and the Caribbean with thin markups on goods, letting membership fees pay the bills.14%
- Airlines that run leaner than everyone else and use it to keep fares lowest. · Ryanair HoldingsIt keeps costs per seat down across Europe so it can maintain the lowest fares and fill planes., VolarisIt prices seats low enough in Mexico to compete with long-distance buses by keeping its cost per seat falling.9%
- Cash9%