Robert Way In December of 2023, I published my investment thesis on Vipshop (NYSE:VIPS). To recap, VIPS is a Chinese specialty discount retailer operating in a niche market with limited competition. VIPS's moat includes a large network of professional buyers, a loyal group of customers, and long-term relationships with many brand partners. VIPS was up more than 12% on Feb 28 after reporting Q4 2023 earnings, and up almost 20% since my write-up. Both revenue and net income beat analysts' expectations. But mo ...