China's internet
Over the last 10 years, there are few companies in the world that have been as successful as Alibaba. Now commanding about 80% share of the Chinese e-commerce market, trading at under 20 times 2017 free cash flow (FCF) and growing at over 30% a year, it’s hard not to want to own such a fantastic business for what seems to be a reasonable price. Naturally you would ask yourself why such a dominant company, growing at this rate, is so cheap.
