The stock market has been on a tear for most of the past two years, rising over 40%. Latin American e-commerce company (NASDAQ: MELI) has done even better. The stock has soared over 140%. This isn't anything new; MercadoLibre has run circles around the market for years and has returned over 5,600% since its IPO in 2007.

Buying such a hot stock can feel wrong, like chasing after a boat that has already set sail. But taking a peek at MercadoLibre's short- and long-term opportunities should calm those fears. Here's why MercadoLibre still has room to run and can continue beating the market for years.

Recognizing MercadoLibre's investment potential requires understanding the primary industries in which it competes. MercadoLibre offers e-commerce and financial services in Latin America. The combined population where the company operates is over 500 million, though the broader region's population exceeds 650 million.

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Source Fool.com