In this segment from the Rule Breaker Investing podcast, David Gardner explains his investment thesis for MercadoLibre (NASDAQ: MELI), which -- spoiler alert -- is one of the most venerable holdings in the Motley Fool Rule Breakers portfolio. So yes, David and the Fools like it, and he's happy to describe why, and at what levels he'd recommend opening a position.

A full transcript follows the video.

10 stocks we like better than MercadoLibre
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*

David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now… and MercadoLibre wasn't one of them! That's right -- they think these 10 stocks are even better buys.

Click here to learn about these picks!

*Stock Advisor returns as of December 4, 2017

This video was recorded on Nov. 29, 2017.

David Gardner: Mailbag Item No. 8: This one comes from Alan Morris writing from Toronto, Canada. "Hi, David. Would you be able to shed some light on MercadoLibre? Since July this baby's been making camel-hump patterns across the summer and now that its stock price is way down, I'm wondering if you'd still consider this to be another buying opportunity or a hold. Perhaps you'll even back up your position with why you feel that way."

Well, before reading the end of this note, I'm going to answer your question straight up right here. Alan, this remains one of my favorite stocks. Just to make sure everybody's clear, here, a little level setting. MercadoLibre in 2017 is up 70%. It has been a completely awesome stock and investment -- one that I have, and it sounds like you have it, too.

It has been volatile. In August it dropped 20%, basically, for that month. In October, it dropped about 20% that month. In between, as you mentioned, the camel hump kind of came all the way back, and now, here, at the end of November, it's basically all the way back from that previous 20% drop.

The bigger picture, here, is we love e-commerce, we love the leaders, and we love whole areas of the world that have an e-commerce leader, and Latin America has MercadoLibre. This has been one of our longest-held stocks in Motley Fool Rule Breakers. One of our biggest winners. It is a Starter Stock, if you join -- and I hope you will -- Motley Fool Rule Breakers. It's one of the stocks that we put out there to members and say, "Hey, you should start your Rule Breakers portfolio with this one." So, yes, we like MercadoLibre a lot and I hope it's clear.

Now, in addition, Alan closed his note, and I have to read this because I thought it was kind of great. "As an aside, you might be pleased to hear that last week, as I lay in bed at 1 a.m., wife snoring away -- gently, of course, or she'd kill me for saying anything other. Treating myself to one last podcast over my wireless headphones before I dozed off, you read out a question from your October Mailbag.

"Yup, 29 minutes in, you read a final blockchain question. My question! I heard my name and became giddy with silent laughter. My wife half woke, rustled the covers, asked if I was OK. I told her I'm great and to go back to sleep, hiding the Cheshire-cat grin on my face. But, of course, I couldn't sleep and didn't care. It totally made my evening, so I just wanted to tell you that I'm grateful and overjoyed. Above and beyond your sound investing topics and thoughts, this is one more way that you and your team make a difference in other people's lives. Thank you again." And thank you, Alan! Very Foolish of you, sir!