Stock price when the opinion was issued
Positioned higher on the socio-economic side than Visa or MA, so it doesn't have a lot of credit problems. Absolutely spectacular track record. Extremely profitable right through the entire financial crisis. Earnings growth at the 15% annualized level, trades at only 18x. Excess cash generation. Repurchased ~40% of stock in last 20 years. Yield is 1.17%, keeps jacking it up.
Also a core holding of his good friend Warren Buffett ;)
Was downgraded today. She trimmed it recently because it's been a strong performer. Trades at a high 15.5x forward PE. Vacation and concert spending may be slowing, so she reduced her weight. It remains the top operator in the high-income space. It has a great runway, but it got too expensive.