Visa Inc. (V)

Cross-border travel recovery since Covid is a big margin. Talk about transaction rates going down, but it seems to be able to weather those storms. Real moat around its technology. He remains positive.

Reports next week and will blow it out of the water. They carry nearly no debt, not exposed to the consumer, and have an incredible balance sheet.

It's a permanent compounder, but not exciting, not that much movement. Shares are up 12% this year, but the market is up 20%.

Visa has wonderful business economics, largest payment network, quite embedded. Both Visa and MA have less operating risk than, for example, PYPL.

They benefit a lot from travel whose levels may not match 2023's but will normalize. In B2BAlso, smaller companies use their cards more and more to pay for services. Also, there's lots of room to grow internationally.

Prefers Visa, because it trades at a slightly lower PE, growth rates are as good as MA's and it's the biggest credit card company by far. Also, Visa is concentrated in the debit market, which is where fintech is transitioning to.

Markets like China are almost cashless. Visa or MA are the two places to be. Growth of digital payments has slowed, so you might get a better entry point.

Current share price trading at discount to historical valuation.
Excellent brand with established technology.
Supports large amount of global payments.
Predictable business with growing cash flows.
25x P/E justified. 

A good recession-proof choice, when you're not sure if we're going into a slowdown or recession. 12-month price target of $281.50. July results beat on top and bottom. Payments growth is 10%. International transactions up 15% just in the last quarter. Collaborations are increasing and enhancing its reach. Yield is 0.74%.

Long-term move from cash to digital, especially in EM. Since late 2021, performing quite nicely against the S&P 500. Drop today of $5 is not significant, secular benefits outweigh short-term moves. Hitting new highs, continues to like and add.

Very strong business with global presence. 
Large network.
Move to cashless society good for business.
Excellent brand value.

Both Visa and MA are trading at 52-week highs today. Wide moat, huge pricing power. Lots to like still. The type of business you can hold for multi-decades. Such a large network effect, they're in good shape for the long term.

Hitting a new high today. People are travelling and spending, maybe not hugely, but still spending. Also, if interest rates decline, it will be positive.

Still a global digital payments giant. Serves both individuals and businesses. Will benefit from ramp up of people leveraging up and borrowing. Fundamentally, 10/10. Nice run up. Long term, great business.

The valuation of Visa and Mastercard has been elevated, but the growth has supported it. AmEx has the cheaper valuation; they benefit from international travel. He owns a little Visa. The future of payments processing? It's Apple Pay, which kids use through their phones. The sector has a lot of moving parts and competition, so it's hard to say where it's going.