So $SE is getting crushed and from what I can find there are really only two reasons. First is they might IPO Monee. That's their fintech business, the wallets and payments and lending stuff across Southeast Asia and Brazil. Forrest Li said in his memo that it's getting to a point where it could stand on its own. But there's no date, no venue, no valuation, nothing like that yet. I don't get why that's a negative. If anything it's a value unlock. Right now Monee is just buried inside SE and no one gives it credit. If it lists separately the market actually has to put a number on it, and Monee gets its own capital to grow. L Second reason is Sea Cloud. Everyone is freaking out like Sea is suddenly trying to outbuild AWS and it's going to burn cash. That's not what they said. They've been running this cloud internally for over 10 years and spent the last two years rebuilding it for AI. So it's not a brand new build from zero, it's taking infrastructure they already paid for to run Shopee and Garena and offering it to other companies. That's exactly what Amazon and Alibaba did. So you have a business doing 7.79 b in revenue last quarter, growing almost 50 percent year over year w/ forward p/e of 18-19, about to potentially surface the value of its fintech arm, and monetize AI infrastructure it already has. And we sell off 8 to 9 percent on that and 31 percent year to date? Yeah this feels pretty ridiculous to me. No position but …….maybe in the future