专访Mercado Libre高级副总裁Leandro Cuccioli

我们拥有非常稳健的业务，无论是高通胀还是低通胀时期，我们的业务都保持稳定。

We have a very solid business, and we've had a solid business in periods of high inflation, of low inflation, etcetera.

因为只要你有优惠的价格、便捷的服务和最快的配送，人们就会对你趋之若鹜。

Because as long as you have great price, great convenience, the fastest shipping, people will die from you.

这位是MercadoLibre的高级副总裁Leandro Cuccioli。

That was MercadoLibre senior vice president Leandro Cuccioli.

我是Motley Fool的制作人Mac Greer。

I'm Motley Fool producer Mac Greer.

MercadoLibre是电子商务和电子支付领域的领导者。

Now MercadoLibre is a leader in the ecommerce and epayments business.

它是中国电子商务和电子支付领域的领导者。

It's Latin America's largest company by market cap and is often referred to as the Amazon of Latin America.

Motley Fool分析师Asit Sharma最近与Cucheng与中文翻译专家就机遇、波动性和MercadoLibre的业务进行了交谈。

Motley Fool analyst, Asit Sharma, recently talked with Cucchioli about opportunity, volatility, and the business of MercadoLibre.

你好，傻瓜们。

Hello, fools.

我是Asit Sharma，The Motley Fool的高级分析师兼首席顾问。

I'm Asit Sharma, senior analyst and lead adviser at The Motley Fool.

今天我邀请到的嘉宾是Leandro Cuccioli。

My guest today is Leandro Cuccioli.

他是拉丁美洲电商巨头MercadoLibre的企业发展、战略、可持续性及投资者关系高级副总裁。

He's senior vice president of corporate development, strategy, sustainability, and investor relations at Latin American e commerce giant, MercadoLibre.

Leandro拥有斯坦福大学MBA学位，此前曾担任英国国际投资公司（英国影响力投资与发展金融机构）的消费者服务与社会基础设施投资负责人。

Leandro holds an MBA from Stanford University, and he was previously head of consumer services and social infrastructure investments at British International Investment, The UK's impact investor and development financed institution.

今天，我们将讨论MercadoLibre的2025年第三季度业绩，以及对于理解这一充满活力的业务至关重要的更广泛运营和战略议题。

Today, we're going to discuss MercadoLibre's third quarter twenty twenty five results, as well as broader operational and strategic topics that are essential to understanding this dynamic business.

Leandro，欢迎来到The Motley Fool。

Leandro, welcome to The Motley Fool.

谢谢你，Asit。

Thank you, Asit.

很荣幸

It's great to

来到这里。

be here.

太好了。

Wonderful.

我知道你想以赞扬MercadoLibre持续惊人的增长势头来开启我们的对话。

So I know you wanted to start off the conversation with a nod to the incredible streak of growth that MercadoLibre has thrown off.

那么我就直接切入主题，谈谈我们连续多季度保持的30%增长率吧。

So I'll let you dive right in with this 30% growth rate that we've seen for so many quarters.

是的。

Yeah.

你说得对。

And you you're right.

我们认为我们是全球唯一一家连续27个季度保持约30%收入增长的公司，2025年这一数字达到了39%。

We think we are the only company in the world that has sustained twenty seven consecutive quarters of revenue growth about 30%, in this case, 39% for the 2025.

我认为这证明了我们在该地区看到的巨大机遇，这一点你们过去可能与我们讨论过。

And I think it's testament to the big opportunity that we see in the region, right, that probably you have discussed with us in in the past.

当你观察巴西、墨西哥或阿根廷这三个主要市场时，会发现我们平台上的GMV（商品交易总额）增速远超30%，对吧？

When you look at Brazil or Mexico or Argentina, our three main geographies, you see GMV or the gross volume of merchandise transacting our platform growing well above 30%, right?

在巴西，发货商品数量增长超过42%。

Ship items growing at more than 42% in Brazil.

这意味着仍有大量人群首次尝试在线购物。

So that means that a lot of people are still coming online to buy sometimes for the first time.

巴西的独立买家增长了29%——要知道MercadoLibre平台的规模已超过1亿独立买家（过去12个月数据），在全球范围内还能保持29%的新买家增速实属罕见。

In Brazil, we had 29% growth in unique buyers, right, so that's, you know, at the scale of MercadoLibri with more than 100,000,000 unique buyers in the last twelve months, it's quite unique, I think, in the world to have 29% more folks coming to buy online.

金融科技业务同样如此，因为这个地区过去一直缺乏发达市场习以为常的金融服务渠道。

And the same can be said on the, fintech side because it's a region that unfortunately in the past had hadn't had the access to financial services that probably in developed markets people are are used to now.

对吧？

Right?

比如在墨西哥，只有15%的人拥有信用卡。

So here in Mexico, 15% of the people have a credit card.

这很离谱，不是吗？

It's insane, right?

仅有15%

Only 15%.

因此，这也解释了为什么我们的金融科技业务Mercado Pago能持续以约30%的速度增长用户，月活跃用户数已达7200万。

So, that explains why Mercado Pago, our FinTech side of the business, continues to grow also users at a clip of around 30%, reaching 72,000,000 monthly active users.

这涵盖了支付、储蓄、信贷等现代生活所需的一切金融服务。

And that's payments, savings, credit, and everything that you need for a modern life.

对吧？

Right?

所以我们不仅对第三季度感到振奋，更对未来机遇充满期待。

So we're very excited you know, about the third quarter, but moreover, we're very excited about the opportunity ahead.

嘿，伙计们

Hey, fools.

我们稍事休息，插播今日节目的赞助商信息。

We're gonna take a quick break for a word from our sponsor for today's episode.

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Real estate.

房地产作为财富积累的基石已历经数代，但对投资者而言，凌晨三点的维修电话、租客纠纷和房产税也常令人头疼不已。

It has been the cornerstone of wealth building for generations, but it's also often been a major headache for investors with three AM maintenance calls, tenant disputes, and property taxes.

来看看Fundrise的旗舰基金——一个价值11亿美元的房地产投资组合。

Enter Fundrise's flagship fund, a $1,100,000,000 real estate portfolio.

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With more than 4,000 single family homes in the Sunbelt communities, 3,300,000 square feet of in demand industrial facilities, all professionally managed by an experienced team.

旗舰基金挖掘了房地产领域最具吸引力的长期增值潜力，既是对抗通胀的利器，又能实现股市之外的资产多元化。

The flagship fund taps into some of real estate's most attractive long term appreciation potential, a hedge against inflation, and diversification beyond the stock market.

这些优势一应俱全——无需复杂文书、巨额首付，更不用忍受折磨人的房东职责。

Check, check, and check, all without the complex paperwork, massive down payments, and soul sucking landlord duties.

访问fundrise.com/fool查看投资组合，查阅历史收益，了解房地产投资能有多省心。

Visit fundrise.com/fool to explore the portfolio, check out historical returns, and see just how much easier investing in real estate can be.

投资前请务必仔细评估Fundrise旗舰基金的投资目标、风险、费用及开支。

Carefully consider the investment objectives, risks, charges, and expenses of the Fundrise Flagship Fund before investing.

本基金及其他相关信息可在fundrise.com/flagship的招募说明书中查阅。

This and other information can be found in the Fund's prospectus at fundrise.com/flagship.

这是一则付费广告。

This is a paid advertisement.

我认为对于那些没有关注美客多的人来说，看到这种连续增长的长期趋势并了解到市场本身仍相对不成熟是很有趣的。

I think it's interesting for those who haven't followed MercadoLibre to see these long streaks of consecutive growth and understand that the market itself still is relatively immature.

所以一开始就让你当场作答。

So put you on the spot right off the bat.

考虑到电商和金融科技两方面，美客多能维持这种增长率多久？

Thinking about both the ecommerce side and the fintech side, how long can MercadoLibre sustain this growth rate?

在什么阶段你会变成比如说20%到30%的营收增长者？

At what point do you go to being, let's say, a 20 to 30% grower on that top line?

听着。

Look.

我的意思是，时间会证明一切。

I mean, time will tell.

对吧？

Right?

我是说，当然，随着时间的推移，增长终将趋于平稳。

I mean, in in terms but, of course, you know, growth over time needs to converge.

但短期来看，目前拉丁美洲的电商渗透率只有15%左右，对吧？

But in the short term, we see as it is that you see penetration of e commerce in Latin America in the mid teens, right?

相比之下，美国和欧洲可能在30%左右，中国的电商渗透率更是达到了50%。

I mean, compared to, know, probably 30 in The US and Europe, 50% of e commerce penetration in China.

所以这个市场还有两到三倍的成长空间。

So the market can be two, three times larger.

我们在拉美市场占据着边际优势，大概拿下了其中三分之二的市场份额，明白吗？

We are taking of that market on a marginal basis in LatAm, probably two thirds of that market of that growth, right?

当你知道Orca配送的客户平均每年只购物9次，而发达市场类似平台的数字是50次左右时，就能看出这些巨大的差距依然存在。

So when you see that on average, a customer in Orca delivery shops nine times a year, and in developed markets, similar platforms are around 50, you see these kind of huge gaps still.

我是说，我知道我们已经很大了，对吧？

I mean, I know we're big, right?

但人们还是会问：你们还能变得多大呢？

And people say, Well, how much bigger you can be?

但我们在拉丁美洲零售市场的占比可能只有5%，对吧？

But we're still probably 5% of the retail market in Latin America, right?

MercadoLibre。

MercadoLibre.

想象一下一个只占5%市场份额的零售商。

Imagine a retailer that has 5% of market share.

所以这方面还有巨大潜力。

So there is huge potential on that side.

而在金融科技方面，如果看看我们的市场份额——不仅是我们，还包括其他金融科技公司——我们仍只是拉美大银行的一小部分。

And I would say on the side of FinTech, if you look at any market share of what we hold, but not only us, take the other FinTechs as well, we're still a fraction of the big banks in LATAM.

拉丁美洲仍存在的一个现象是存款和信贷高度集中在少数银行手中，对吧？

One thing that Latin America still has is that very concentrated deposit and credit on a handful of banks, right?

以巴西为例，十年前大约80%的贷款和存款集中在五家银行。

So if you take Brazil, probably ten years ago, it was 80% of the loans and the deposits in five banks.

现在这个比例是60%。

Now it's 60%.

但如果看发达市场，这个比例大约是45%。

But if you take a developed market, it would be around 45.

而墨西哥的情况是，五大银行仍占据80%的份额。

But if you take Mexico, you're still at 80%, right, in five banks.

至于我们，在信用卡市场的份额可能还是个位数，存款市场份额同样很低等等。

And if you take us, you know, probably you have single digit market share in in credit cards, single market share in deposits, etcetera.

因此增长空间非常巨大。

So there is huge room for growth.

对吧？

Right?

所以在未来几个季度，我不认为这种趋势会突然发生重大改变。

So I don't see in in the next quarters to come the trajectory changing dramatically over time, of course.

明白吗？

Right?

我的意思是，不可能永远保持30%的增长速度。

I mean, you cannot grow, you know, 30% forever.

但令人惊叹的是，即便到了今天，我们仍保持着初创企业般的增长速度，因为这个市场实在太庞大了。

But it's amazing that, you know, we still grow at startup rates even today because the market is so huge.

我认为人们需要认识到这一点——现在仍处于非常早期的阶段。

And I think that is something that people need to realize that, you know, it's very early.

没错。

Right.

你们既有银行和存款的集中目标，又拥有大量尚未接触银行服务的客户群体或年轻客户，他们正通过数字支付、信用卡等方式首次接触金融服务。

You've got the concentrated banking and deposits as targets, and you also have such a large population still of unbanked customers or young customers that are coming online with their first experiences in digital payments, with credit cards, and the like.

我想暂时转换一下话题——我向自己保证不会让讨论聚焦阿根廷，但我知道许多不熟悉MercadoLibre的人可能不了解该公司在该地区应对波动的经验。

I wanted to shift just for a moment, and I I promise myself, I'm I'm not gonna make this about Argentina, but I know many of those who, again, aren't as familiar with MercadoLibre might not understand the experience that this business has with volatility in the region.

但这确实是个重要市场，能否花几分钟谈谈当地正在发生的变化、近期事件，以及MercadoLibre如何在这些贡献区域净收入和营收增长主力的大市场中应对波动？

But it is a big market, so if we could take just a couple of minutes to discuss, the change that's underway there, recent events, and how MercadoLibre deals with volatility in these big markets that make up the brunt of net income and and also revenue growth in the region.

是的。

Yeah.

可以说我们就是在波动中成长起来的。

So we were born out of volatility, I think.

对吧？

Right?

我是说，1999年的阿根廷，8月，那是Marcos Gal开始创业的时候。

I mean, 1999 Argentina, August, that's when Marcos Galperin started the business.

而且一开始就遭遇泡沫破裂，阿根廷市场崩盘，那正是核心市场，2001年就违约了。

And right off the bat, the bubble burst and Argentina, that was the core market, defaulted into 2001.

所以我认为在过去26年里，MercadoLibre在拉丁美洲的经历告诉我们，如果你想长期在这个市场立足，就必须明白市场会时不时波动，说得委婉些。

So I think that over the last twenty six years, MercadoLibre in Latin America, I mean, if you are gonna be in Latin America over time, you need to understand that, you know, things will become volatile from time to time, to put it in a nice way.

在阿根廷，我们拥有一个惊人的业务。

In the case of Argentina, we have an amazing business.

对吧？

Right?

如果你看看，比如我们的Mercado Pago业务，超过60%的人口每天都在使用它购物。

If you took at, you know, Mercado Pago, more than 60% of the population uses Mercado Pago in a daily basis to buy stuff.

对吧？

Right?

我是说，二维码支付在那里已经像在中国一样普及了。

I mean, the QR code has become the pervasive method there, like in China.

没错。

Right.

顺便说一句，我在印度也看到了这种现象。

I'm seeing that in India too, by the way.

我们之前聊过。

We were chatting before.

我们录制前我刚去过那里，看到很多用Paytm等平台的二维码支付方式。

We taped, so I was just there, a lot of QR code payments with Paytm, etcetera.

所以我们看到这种现象正在发展中经济体出现。

So we're seeing this in developing economies.

一样。

The same.

我想我去过印度好几次，你会看到类似的现金被极快速度替代甚至消失的趋势。

I think I've been several times to India, and you see some kind of the same movement of cash being replaced at a very fast speed, even disappearing.

MercadoLibre作为阿根廷市场的领军企业，其品牌资产和消费者认知已根深蒂固，几乎定义了整个品类，对吧？

MercadoLibre also from the MercadoLibre side, from the marketplace, has been the leading company in Argentina for a long time with system that the brand equity, the perception of the consumer is so ingrained, almost it has defined the category, right?

所以当孩子们想找什么东西时，你首先会告诉他们去MercadoLibre搜索，没错吧？

So, just searching in MercadoLibre would be the first thing that you tell your kids when they are looking for something, right?

它已成为首选目的地，对吧？

It becomes the destination, right?

MercadoPago的情况也是如此。

And the same with MercadoPago.

如今，我们看到这个国家正经历不同的发展阶段，对吧？

Now, we've seen the country going through different phases, right?

我们刚从2023年高通胀时期走出来，而2023年开始的新政府已显著降低了通胀率。

We are coming from a period of very high inflation at the '3, and then this administration that started at the '23 has brought inflation down quite significantly.

这给经济带来了巨大的调整。

And that has created a big adjustment in the economy.

因此我们艰难渡过了2024年，期间首次出现负增长的航运项目——要知道在2024年第一季度，阿根廷经历了严重的经济衰退和调整。

So we navigated a difficult '24 in which for the first time we had negative ship items, you know, growth in the history where there was a huge recession and adjustment in Argentina in q one twenty four.

但从第二季度开始，实际上我们已经公布，从2024年第二季度起，我们开始看到显著改善。

But then from q two, and and we actually published that, you know, from Q2 twenty four, we started to see a marked improvement.

当通胀大幅降低时，人们的实际购买力会提升，这并非闻所未闻，对吧？

It's not unheard of that when you lower inflation so much, you know, the real purchasing power of people improves, right?

因此信贷回归以及其他方面，我们在阿根廷的信贷规模在一年内翻了两番，而且是从一个非常低的基数开始的。

So credit returns and all those other things, our credit book in Argentina quadrupled over a year and from a very low base.

但这意味着如果宏观经济保持稳定，那么做生意就会更容易。

But that means that if you have good macroeconomic, you know, stability, then, you know, it's easier to conduct business.

这正是我们一直在观察到的现象。

And that's what we've been seeing.

对吧？

Right?

我们看到阿根廷市场为我们表现非常出色。

We've seen Argentina performing very well for us.

现在我总是告诉投资者的是：我们无法预知未来会发生什么，对吧？

Now, what I always tell investors is we don't know what's going happen, right?

我们永远无法预知未来。

We never know.

我们拥有非常稳固的业务，无论是在高通胀还是低通胀等时期都保持稳健，因为只要提供优质价格、极致便利和最快配送，顾客就会对你死心塌地。

We have a very solid business, and we've had a solid business in periods of high inflation, of low inflation, etcetera, because as long as you have great price, great convenience, the fastest shipping, people will die from you.

短期来看我们非常乐观，如果形势持续向好，市场规模可能比现在大得多得多。

Now, we're very optimistic in the short term that if things continue to be in this way, the market can be much, much bigger than what it is today.

对吧？

Right?

所以这可能是个巨大的市场。

So it can be a huge market.

但我们无法掌控那些不可控因素。

But we don't control what we don't control.

所以我们尽量打好手中现有的牌。

So we try to play with the cards that we're given.

来个疯狂点的附加问题。

Crazy side question.

你们是否都在关注量子计算的发展，将其视为路线优化的潜在解决方案？

Are you all keeping an eye on the development of quantum computation as a possible solution for route optimization?

嗯，不止一只眼睛，可能两只都在盯着。

Well, more than one eye, probably two.

是的。

Yes.

我们就是量子计算。

We are quantum computing.

我们在中国投入了大量时间。

We spend a lot of time in China.

你知道，我们团队刚刚又从那里回来，就是物流团队。

You know, and we see the the team just again came from from there, the shipping team.

量子计算和机器人技术是我们极度重视并投入大量资源去理解、跟踪和应用的领域。

And quantum computing and robotics are areas in which we are extremely invested in terms of understanding, following, adopting.

未来几年生产力可能发生根本性变革，对我们而言关键在于如何结合地区现实，以恰当节奏实现本土化适应。

There is a potential in the next few years of radical changes in productivity, and I think for us is how much of that, with the realities of the region, we adapt, we tropicalize in a way at the right pace.

但我们对这些发展感到非常兴奋。

But we're very excited about those things.

而且我认为，这只会让我们这样的参与者拥有更多资源，持续消除障碍，从而让更多人进入市场。

And I think, again, I can only see that allowing players like us to have more resources to keep removing the frictions to mean more people to the markets.

我对这一前景非常乐观。

I'm very optimistic on that side.

莱昂德罗，我想接着谈谈你提到的第二个障碍消除点。

Leandro, I want to move on to the second removal of friction that you mentioned.

但在开始之前，我相信你对用户界面设计和用户体验很感兴趣。

But before we do, I'm sure you're interested in user interface design and the user experience.

所以我的问题是：你在MercadoLibre平台上最近一次购买的是什么？

So my question to you is, what's the last purchase that you made on the MercadoLibre platform?

我这周在墨西哥参加摩托车驾照考试，需要通过绕桩练习来测试。

I'm doing my motorcycle license test in Mexico this week, and you need to test by doing some exercises in which you need to go through cones.

我买了一些锥筒，就是街上常见的那种练习用锥筒，这周刚收到，花了138比索，换算下来大概除以20，差不多9美元左右。

I bought some cones, like those cones that you see in the street, to practice, and I got them this week, and they were a 138 pesos, which you need to divide by kind of 20, you know, it's got it, you know, $10, you know, whatever, say $9.

我当时可以选择第二天以51比索的价格拿到，或者等到周二——那是我的免运费日，虽然慢一点，这就是我选择的方式。

And I got that, you know, I could get them the next day for 51 pesos or wait until Tuesday, that was my free delivery day, and a slow way, and that's the way I chose.

所以，你可以从中看到一个实际运作的例子。

So, you you see an example there of how this works in practice.

你知道，价格是51比索。

You know, it was 51 pesos.

我本可以付款，但三天后就能免费拿到。

I could have paid it, but then, you know, in three days, you get it for free.

明白吗？

You know?

我最后在周二收到了它们。

And I got them on Tuesday.

我明天早上需要练习，因为明天就要考试了，祝我好运吧。

I need to practice tomorrow morning because tomorrow is the test, so wish me luck.

嗯，祝你好运。

Well, good luck.

但你现在在墨西哥城。

But you're in Mexico City.

对吧？

Right?

我是在墨西哥城。

I am in Mexico City.

是啊。

Yeah.

所以，我是说，你本可以选择某些街道的。

So, I mean, there are certain streets you could have chosen.

某些街道你

Certain streets you

本可以选择而不是去买锥筒的。

could have chosen to instead of buying the cones.

对吧？

Right?

是啊。

Yeah.

没错。

Yeah.

我不会告诉你我一直无证驾驶摩托车，因为那是不对的。

I will not tell you that I've been driving my bike without a license because that would not be right.

那么莱昂德罗，在我们结束前，我有两个问题要问你。

So Leandro, as we wrap up here, I have two questions for you.

一个是关于战略的，一个是关于文化的。

So one on strategy and one on culture.

首先，从你的角度来看，你认为组织将如何在长期、非常长的时间跨度内创造价值？

The first is when you think from where you sit, how the organization is going to create value over the long term, over a very long term time horizon.

我很好奇，在你看来，当我们稍微超越中期来看时，什么活动或投资将为MercadoLibre创造最大的收益？

I'm curious, in your eyes, what activity or investment is going to create the greatest yield for MercadoLibre as we look a little bit past the medium term?

你看。

Look.

我认为

I think

如果MercadoLibre能持续保持在用户生活的核心位置，它就能为利益相关者创造价值。

MercadoLibre will create value for its stakeholders if it continues to be at the center of the life of its users.

只有当行业存在利润池时，你才有资格宣称了解，而要保持对这些利润的索取权，就必须始终作为搜索入口、金融产品及各类服务的互动中心。

You can only claim you know, if there is a profit pool in the industry, your claim to those profits will be, you will have a right to claim those profits if you continue to be at that center of being that point of search, being that point of engagement with your financial products, with your products and services.

若我们千辛万苦打造的网关地位得以巩固，价值创造将不可估量，对吧？

If you are that gateway we have fought so hard to become, I can only see a tremendous amount of value being created, right?

因为你将见证这些市场发展到现今规模的十倍乃至二十倍。

Because you can only see those markets developing tenfold or twentyfold is what they are today.

但你必须稳居核心地位，明白吗？

But you need to be at the center of it, right?

一旦丧失这个中心位置，你的利润索取权就会减弱。

The moment that you lose that center, your claim to those profits diminish.

利润不会凭空消失，但你可能需要投入更多成本去获取，比如更高的用户获取费用等等。

It's not that they're gonna disappear, but you will need probably to spend more to claim those, more acquisition costs, etcetera.

你要知道，你的主张就不一样了。

You know, you don't have the same claim.

我想不出还有什么事不是我们在做的，比如消除现实世界中的摩擦、扩展信贷和物流等等。

I can't think of another thing that is not what we are doing in terms of, you know, removing those frictions in the real world, you know, extending credit and and logistics, etcetera.

我想不出有什么更好的工具能让我们持续处于这个领域的核心位置。

I cannot think of a better tool to continue to be in the center of that ring that continued to do this.

当然，你知道，我们不可能不提人工智能就结束这个话题。

And, of course, you know, we couldn't finish this without throwing AI into the picture.

对吧？

Right?

因为它能加速消除这些摩擦。

Because what it brings is that it speeds up the removal of the frictions.

我在信贷审批中运用的人工智能越多，对风险定价的判断可能就越准确。

The more AI I have in my underwriting of credit, probably the better I am in judging, you know, how to price at risk.

就是这样。

So there you go.

我拥有的AI越多，正如你所说，我的网络效率就越高，这样我就能降低运输成本，也能降低门槛。

The more AI I have, I have a more efficient network, as you said, and then, you know, I can lower the cost of shipping, and I can lower the threshold.

对吧？

Right?

我拥有的AI越多

The more AI I have

对你有利，对客户也有利。

Win for you and win for the customer.

对吧？

Right?

没错。

Exactly.

我拥有的AI越多，就能以对话方式为客户提供更好的搜索体验或满足其需求，甚至几乎能预测下一步，让生活更便捷。

The the more AI I have, I can, you know, give the the customer a better experience of what he or she is searching or what he or she needs, you know, in a conversational manner and in a way that I almost can predict what comes next, making your life even easier.

对吧？

Right?

因此我认为AI需要被纳入其中，作为所有这些事务的引擎，贯穿业务的前台与后台质量。

So I think AI needs to be factored into there as an engine of all these things, in quality the front office and the back office of the business.

但归根结底，它最终成为实现目标的手段——以合适的价格、可靠的交付承诺，将产品和服务提供给合适的人群，并为其提供合适的支付和信贷方式。

But at the end of the day, it ends being a means to an end to get products and services to the right folk at the right price with the right promise of delivery and giving that person the right means of payment and credit.

我无法想象还有什么比这更具包容性了。

And I cannot think of something that is more inclusive than that over time.

所以如果我们做到这一点并持续下去，我们将站在舞台的中央。

So if we do that and if we continue doing that, we're going to be at the center of the ring.

如果我们停止这样做或做得不够好，那么我们就会失去市场的核心地位。

If we stop doing that or we don't do it that well, then we're going to lose the center of the ring.

在这次对话中，我们多次谈到与客户保持联系、了解客户需求、坚持投资、关注创新以及理解市场。

We've talked a lot in this conversation about being in touch with the customer, the customer's needs, persistence in investing, an eye towards innovation, understanding markets.

有一条主线将这些内容串联起来，那就是MercadoLibre的企业文化。

There's one thread that sort of draws all this together, and that is MercadoLibre's culture.

这是管理层多年来不断强调的一个重点。

It's something that management has talked about continuously over the years.

从你的视角来看，你所处的位置，这个文化有什么特别之处？

And I was curious from your perspective, where you sit, again, what is special about this culture?

对你来说最突出的是什么？

What to you stands out?

展望未来，你希望在这个文化中保留哪些元素，以帮助MercadoLibre继续保持其已有的成功？

What would you like to see as you move forward preserved in that culture to help MercadoLibre keep generating the success that it has enjoyed?

哎呀，

Oh, boy.

谈论文化非常困难，因为你很容易就会陷入空泛的领域。

It's so hard to talk about culture because very quickly, you can get into a very fluffy territory.

对吧？

Right?

我认为Marcos Galperin创造的最重要的东西可能是团队成员之间相互信任的理念。

I think the most important thing that probably Marcos Galperin created is a notion of trust in the team among themselves.

对吧？

Right?

因此MercadoLibre的企业文化建立在高度信任之上。

So the MercadoLibre culture is defined by a lot of trust.

相信你所做之事出于善意，且我们目标一致。

Trusting what you are doing is well intentioned and you have the same goals that I have.

这样，即使你失败了，我也会支持你，对吧？

And in that way, if you fail, I'll support you, right?

所以我不会因失败而惩罚你。

So I will not punish the failure.

我们会从中学习，你知道，我们会坦诚面对，但我们会不断尝试，一次又一次。

We will learn from it, you know, we're going to be honest about it, but we're to try it again, right, and again and again and again.

这非常重要，因为你提到的坚持迭代直到成功，过程中会犯很多错误，我们也确实犯过很多错误。

So that is so important because that persistence that you talked about of iterating until you get it right, you're to make a lot of mistakes, and we make a lot of mistakes.

但如果惩罚这些错误，如果存在那种犯错可能限制你职业发展的文化等等，你就会开始各种回避，导致决策过程被污染，决策不再清晰干脆。

But if you punish those mistakes, if there is that culture of that mistake may limit your career, etcetera, you start to get all these dances around things that mean that decision making becomes polluted, that decision making is not crisp, it's not clean.

我认为真正与众不同的是，我们的决策过程非常清晰、非常直接，对分歧非常坦诚，因为这些分歧是关于我们要做的事，而不是对你个人的评判——因为我信任你相信我能做好我的工作。

And I think that what really stands mainly aside is that that decision making process is very clean, is very upfront, it's very honest about the disagreements because the disagreements are about what we're trying to do is not a judgment on you because I trust that you believe that I'm good at what I do.

你信任我。

You trust me.

但我们可能会对某个具体策略有分歧，这很正常，对吧？

But we may be disagreeing about a particular strategy, which is everyday habits, right?

所以我认为这种信任关系非常珍贵，需要长期维护。

So I think that that trust that is so precious, it's the thing to preserve over time.

这就是挑战所在，对吧？

And that's the challenge, right?

新人加入后，如何保持这种信任？

You bring new people, how you keep that over time?

我不知道。

I don't know.

我是说，如果你问我，这是所有公司面临的主要风险，对吧？

I mean, if you ask me, is the main risk that any company has, right?

某种程度上，并非一夜之间就会失去，就像社会一样，文化不会突然改变，对吧？

That at certain point, it's not that you lose it from one day to the other, it's like society, culture doesn't change like that, right?

但当你回顾两代人之前，你会说，那时的情况大不相同，对吧？

But then you look back two generations ago and you say, well, that was very different, right?

那正是发生转变的时候。

It was when that happened.

我认为你需要保持高度警惕。

And I think you need to be very vigilant.

保持警惕的方式就是聘用合适的人、提拔合适的人、解雇不认同企业文化的人。

And the way to be very vigilant is hiring the right people, promoting the right people, firing the people that probably don't stick to the culture, and there's no silver bullet.

但你必须保持警惕，因为这种关系非常脆弱，就像任何关系一样，它会迅速偏离正轨。

But you need to be paranoid that that is a very fragile thing, like in any relationship, and it can deviate, of course, very rapidly.

所以我会说，公司的领导层对此非常执着，因为他们意识到，重要的不是我们有多少仓库、发行了多少信用卡。

So I would say people in the leadership of this company are obsessed about that, because they realize that it's not the number of boxes that we have, the number of warehouses or how many credit cards we issue.

如果你失去了这种要素，就会开始做出错误决策，尤其是那些艰难的决定。

If you don't have that ingredient, then you start making the wrong calls, particularly the tough ones.

这引起了共鸣

That resonates

与我产生共鸣。

with me.

我们的组织也在努力向前迈进，快速发展。

Our organization is also trying to move forward, move fast.

我们同样以AI为核心，我认为在The Motley Fool内部存在高度信任。

We're also very AI centric, and I think there's a lot of trust at The Motley Fool.

我非常欣赏你的回答。

I loved your answer.

我认为这恰恰不是空话。

I think it was the opposite of fluff.

不。

No.

我尽力了。

I tried.

我尽力了。

I tried.

莱昂德罗·库奇奥利，非常感谢您抽出时间。

Leandro Cuccioli, thank you so much for your time.

这是一次引人入胜的对话。

This is a fascinating conversation.

我非常感谢您深思熟虑的回答，希望您能很快再次加入我们进行另一场对话。

I so much appreciate your thoughtful answers, and I hope you'll join us again soon for another conversation.

随时欢迎。

Anytime.

随时欢迎。

Anytime.

非常感谢邀请我。

Thank you very much for having me.

一如既往，节目中的人可能对他们谈论的股票有兴趣，而The Motley Fool可能会正式推荐买入或卖出。

As always, people on the program may have interest in the stocks they talk about, and The Motley Fool may have formal recommendations for or against.

所以不要仅仅根据你听到的内容买卖股票。

So don't buy or sell stocks based solely on what you hear.

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这里是Motley Fool财经团队，我是Mac Greer。

For the Motley full money team, I'm Mac Greer.

感谢收听，我们明天见。

Thanks for listening, and we will see you tomorrow.