Letters by company

Coupang, Inc.

2 letters discussing CPNG. Everything written about it on this site is on its ticker page.

Hayden Capital Quarterly Letter 2025 | Vol. 4 Hayden Capital sold New Oriental after its turnaround matured and backs Sea Limited, arguing Shopee’s logistics investment is offensive while TikTok Shop growth slows. It sees AI-driven selloffs creating opportunities in software, gaming and ecommerce platforms whose network effects, proprietary data and physical infrastructure remain defensible. 4th Quarter 2025 EDU $9.4BSE $57BAMZN $2.7T
EdgePoint Wealth Management Along the margins – 2nd quarter, 2025 EdgePoint Wealth Management explains its credit process of underwriting positive business change while demanding enough asset and equity coverage to protect lenders. Farfetch’s term loan illustrated the approach: the team rejected the equity, lent senior to the capital structure, and exited after Coupang’s rescue despite the original earnings thesis failing. 2nd quarter, 2025 CFRHF $127B