---
chapter: 1
title: "A copycat trade"
ticker: KSPI
company: "Kaspi.kz"
buys:
  - date: "2026-08-31T17:38:00-04:00"
    price: 105.13
    shares: 9.512
    note: "starter position"
proofs:
  - /proofs/ch01-mthrfj0v33h96y.png
exitTest: "I'm giving this copycat bet the room it deserves: I won't sell until it has at least doubled — a 2x from my ~$105 cost (roughly $210). Below that, I sit tight, drops included. If it doubles, I'll reassess from there."
---

**What it is** — Kaspi.kz is Kazakhstan's dominant "super-app": payments, banking, and an online marketplace in one app that a huge share of the country uses every day. It trades in the US as KSPI.

**Why now** — I'll be honest: this is a copycat trade. I admire Mohnish Pabrai and I'm trying to learn how he finds businesses. Today I went looking, watched an interview where he explained why he bought Kaspi, and after hearing his reasoning I copied the trade.

**The bet** — I don't fully understand Kaspi yet, so I'm betting on a process, not my own research: that copying an investor I trust — and then doing the homework to understand *why* — is a good way to learn. If Pabrai's read (a real moat, a fair price, honest managers) is right, I wanted to be along for it.

**What could go wrong** — A copy is only as good as my understanding, which is thin right now. It's an emerging market with political and currency risk I don't grasp yet. If I can't come to understand it myself, that's a sign I bought something I shouldn't have.

This is a small starter position — as I do the homework and my understanding grows, I may add more down the road. Any add would open here as a dated entry in this same chapter, never a rewrite of what I first wrote.

> The record continues below this line — append-only, each entry dated.
> The original text above is never touched. Quarterly checks, splits,
> dividends, and any options hedge on this position go here.