Missed Amazon Stock in 2009? 1 Growth Stock to Buy Now and Hold Forever
MercadoLibre (NASDAQ: MELI) is often characterized as the Amazon (NASDAQ: AMZN) of Latin America, a fitting description given the similarities between the two companies. Both companies helped popularize e-commerce in their respective geographies, though Amazon has admittedly grown into a global phenomenon. Both have reinforced their leadership with logistics support and digital advertising technology.
MercadoLibre currently has a market capitalization of $60 billion, a mark Amazon first reached in December 2009. At the time, Amazon stock traded at a split-adjusted $6.93 per share, but it has since skyrocketed 1,290%. That means Amazon shareholders have seen their money grow almost 14-fold in little more than 13 years.
MercadoLibre could produce similar returns in the future. It may not happen as quickly, given the economic differences between the U.S. and Latin America, but shareholders could certainly see their money grow tenfold over the next decade. Here's why.
Source Fool.com
