Sea Limited, weak operating fundamentals will continue to plague the company going ahead

Hey guys,

$SE's earnings are tomorrow and I just release an analysis on the company where I covered:

• Its bloated gaming TAM
• Its Distribution contract with Tencent
• Its Lack of moat and under investment in its e-commerce segment (Shopee) and
• Why expanding to Brazil was a mistake

Check it out: https://goldenlake.substack.com/p/tmt-series-6-sea-limited-weak-operating?s=w