Kaspi: A Long-Term Compounder Navigating A Year Of Noise

Kaspi’s ( OTC:KSPI ) biggest strength is its powerful three-sided network effect and the seamless integration of all its services, with Kaspi Pay at the core. The more people use the app, the more merchants join the Marketplace. As more merchants accept KaspiI’m a long-term, value-focused investor and the founder of Pilea Invest, a private family investment fund. Over the past five years, I’ve built a concentrated, research-driven portfolio rooted in fundamentals, with a strong focus on free cash flow, capi ...