What it is — Kaspi.kz is Kazakhstan's dominant "super-app": payments, banking, and an online marketplace in one app that a huge share of the country uses every day. It trades in the US as KSPI.
Why now — I'll be honest: this is a copycat trade. I admire Mohnish Pabrai and I'm trying to learn how he finds businesses. Today I went looking, watched an interview where he explained why he bought Kaspi, and after hearing his reasoning I copied the trade.
The bet — I don't fully understand Kaspi yet, so I'm betting on a process, not my own research: that copying an investor I trust — and then doing the homework to understand why — is a good way to learn. If Pabrai's read (a real moat, a fair price, honest managers) is right, I wanted to be along for it.
What could go wrong — A copy is only as good as my understanding, which is thin right now. It's an emerging market with political and currency risk I don't grasp yet. If I can't come to understand it myself, that's a sign I bought something I shouldn't have.
This is a small starter position — as I do the homework and my understanding grows, I may add more down the road. Any add would open here as a dated entry in this same chapter, never a rewrite of what I first wrote.
The record continues below this line — append-only, each entry dated. The original text above is never touched. Quarterly checks, splits, dividends, and any options hedge on this position go here.