How Top Fund Seeks Growth Stocks Whose Upside Is Underappreciated



merchants. Overall, Crawford and Kelly like the multiplicity of ways that PayPal can grow. She said, “We think they can maintain a high- teens revenue growth rate.”

everything it can from Venmo, its people-to-people payments network, Crawford says. She adds that PayPal is still exploring ways to monetize Venmo’s network of users with

merchants that use PayPal, those are two times greater than other payment platforms’. And PayPal hasn’t fully monetized that capability yet.” Nor has PayPal milked

an annual profit. And what makes PayPal attractive? “We think that PayPal has underappreciated pricing power,” Crawford said. “It comes from conversion rates. For

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