Sea Limited: Growth At A Reasonable Price

2025-12-17 22:09:45 ET

Investment Thesis

GARP (Growth At A Reasonable Price) is by far my favorite strategy, strictly speaking about stocks, because there are options strategies that can bring even higher returns, and not only for high growth stocks. I look for the following traits:

• Preferably an economic moat.
• Double-digit revenue growth ahead; the weakest the moat, the highest the growth that I want; for no-moat stocks, I want explosive growth, and I take smaller positions.
• Good financial flexibility, at least for financing both organic and inorganic growth; if they have resources for returning cash to shareholders, even better.
• Undervaluation: the higher the uncertainty, the larger the undervaluation that I want (more about that later).

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