Artem Fokin from Caro-Kann on Kaspi $KSPI

Artem Fokin, founder of Caro-Kann Capital, discusses the bull case for Kaspi (KSPI). Kaspi is the dominant fintech in Kazakhstan, and Artem breaks down how it's trading for a value price despite rapid growth and how its dominance will allow it to grow into new sectors of the Kazakhstan economy.   Kaspi IPO case study from HBS: https://www.hbs.edu/faculty/Pages/item.aspx?num=56825  Chapters  0:00 Intro  2:30 KSPI Overview  8:15 Discussing how ingrained in Kazakhstan Kaspi is  11:20 Sizing and breaking down the payments business  24:45 How Kaspi's data helps them with consumer loans  31:30 Kaspi as a "tax" on the Kazakhstan economy  36:30 Discussing management and Kaspi capital allocation  43:40 Run on the bank risk 48:20 Kazakhstan country / GDP risk  53:00 Why hasn't KSPI succeeded outside of Kazakhstan  1:00:30 How to think about valuing KSPI  1:08:00 Framing KSPI's local currency risk