Discussion about this post

User's avatar
Education of a Value Investor's avatar

In every multi-bagger story, a moat is an essential aspect of the thesis. What's the moat of this business exactly? The introducer model does not feel like one to me.

If the introducer model is so good and scalable, why would other maybe even larger FX players in the space not be able to replicate the same model? I could imagine a race to the bottom in terms of compensation for introducers.

Anyways elaboration around this topic would be very helpful.

Expand full comment
Capital Employed's avatar

Nice write-up, thanks. How similar to Argentex are they?

Expand full comment
10 more comments...

No posts