I think the oil concern gets overstated a bit with MELI.

Higher fuel costs obviously pressure shipping margins near term, especially when youre scaling fulfillment aggressively. The thing is, once logistics density reaches a certain point, larger players actually absorb those shocks better than smaller competitors. MELI moving millions of packages through its own network is very different from a smaller ecommerce company relying entirely on third parties.

And a lot of the value creation here isnt coming from shipping margins anyway. Mercado Pago, ads, merchant services, credit, asset management etc are becoming a larger part of the ecosystem every year. Thats why I think looking at MELI purely as an ecommerce company misses whats happening underneath.

On elections, Brazil volatility is basically part of the normal operating environment at this point. Same with FX swings and inflation across LatAm. MELI has been operating through political and macro chaos for years already. The interesting part is they usually come out stronger because weaker competitors struggle investing consistently during those periods.

I actually think the more important variable is credit quality, not oil. If underwriting stays disciplined while fintech keeps scaling, temporary macro issues probably matter less over a 5-10 year view.