Below are my rough notes from the meeting. There might be some errors as I haven't gone back through to check them. Nothing too new there except it does sound like there is a potential setup for a new stage of growth for the way the platforms are being aligned for the development and integration of new products. Thanks @Strawman for setting up.

• Currently going through consolidation of businesses in each of the regions. LATAM going from 4 to 2 platforms from July 1. MENA group next, ASIA not going through this stage yet due to ownership levels and the stages of the businesses within the group.

• What lessons have been learnt from investments that haven’t worked? 
• Have exited businesses where there have been issues with the founder. When looking at the business, look at them from the smallest to the biggest to see why the scaling isn’t progressing.

• When you look at the businesses do you see more opportunities?
• Consider the portfolio as a region base now rather than a collection of the businesses under the FDV banner as a whole. Currently there may be more space to grow the footprint in each of the regions. LATAM - currently focused on scale, MENA - focusing on growth, ASIA - less evolved competitive market, still room for leaders in markets to emerge.

• Growth vs Profitability?
• Still a growth business, can expect profitability to come with growth. Upcoming Q2 results may reflect a return to focus on growth.

• Inflation in Emerging Markets
• EMs typically live with inflation that is more tolerable than in western markets. Inflation and interest rates have halved in Pakistan. Seeing improved market conditions which is helping business conditions. Some government intervention into housing markets which is assisting, some markets transactions aren't backed by loans so interest rate risks are different.

• FX
• Convert by USD so there are movements in both directions, hedging occurs by where FDV holds cash in local currencies.

• M&A
• Always on the lookout for opportunities, signs of M&A improvement across markets over the last several months. Need to consider what is best for shareholders of FDV.

• Mercado Libre
• Gumtree of LATAM market, horizontal marketplace. They have now pivoted to be the Amazon of LATAM and more of a retail space compared with FDV. Does not consider them a direct competitor.

• Sovereign Risk
• Avoid to begin with. The markets that have been selected are chosen to help avoid the works of emerging markets risk. Not dependent on international transactions so internal transactions tend to continue regardless of what is occurring. Other more “stable” markets can also have major disruptive risks.

• AI
• Influence of AI on the day to day is low impact, nothing in the AI space that is currently going to change the business in a fundamental way. Lots of use in improving efficiencies within products and for users. Facilitator not captured by it.

• Gross Margin Reductions
• Don’t focus on gross margins typically, focus is on the bottom line. 20% EBITDA margins for some of the operating businesses already. Classified businesses are already profitable and the future is now focused on expanding the businesses beyond classifieds.

• Centrify & Iris
• Examples of new products that have a long term scale potentially several million each. Not directly applicable in other markets. Want to add ~6 new products over an 18 to 24 month period. Working on better platforms that allow for more streamlined product releases.