Why I'm Adding To My Largest Position

Sea Limited has been my largest holding for some time, and despite significant stock price volatility, my conviction has only grown stronger.

It operates primarily in the region I live in, and operates products and services that I use on a weekly basis at minimum.

In the year following my initial deep dive on Sea, the company’s share price more than doubled, peaking close to $200. It has since pulled back about 30% to the mid-$130s today.

This pullback comes even as Sea’s business fundamentals continue to hit new highs, an apparent disconnect that I view as an opportunity. The short-term concerns do not detract from Sea’s long-term strengths, which include dominant market positions across its key segments, and robust growth improving profitability.

In this piece, I’ll explain why I’m adding to my position in Sea Limited as of late 2025, focusing on the qualitative strengths and updated thesis driving my confidence. I’ll assume readers are already familiar with Sea’s basics, and instead delve into the factors that make Sea a compelling long-term investment today.