Charlie03

The management team doesn't care about PAH3 shareholders, otherwise, they would've spun-off shares instead of outright IPO. There is a lot to like about valuation, but if management doesn't change direction, then it's a path to 0.

It's significant that TAV Airport's revenue is denominated in euros and dollars and costs in lira, but their loans are in euros, so that could be a deal breaker for Mohnish's thesis. Source: TAV Airport's 2021 annual report.

I can be biased, as im tempted to construct a basket bet of Turkish companies with USD and EUR revenue. I have a question, if Anadolu Hayat is a Turkish insurance company, isn't its revenue only be from domestic customers, so no western currency hedge?

"fish where the fish are" - I think Munger said that "“People are always asking me where is the outlook good, but that’s the wrong question,” he responds. “The right question is: Where is the outlook the most miserable?”" - John Tempelton. These above listed Turkish companies are wonderful with great business model, if one just focusses on the unit economics and competitive advantages, then I think one can forget about the macro environment, as in most cases, it will get fixed. Turkey will have its election in spring 2023, so I think that the democracy of Turkey is rational enough to throw Erdogan out or demand a more rational president who knows how to calm inflation.

Try search on google for Reysas annual report or financial report and then pdf, their IR is bugged.