A toll road with a regulatory problem is still a toll road
The shares traded at 368.86, -0.74% today. The interchange debate is real, recurring, and has not yet changed the shape of the business.
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VMSFT
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4Cross-border is where the network earns its keep
A card network earns a little on every domestic transaction and a lot more when the card crosses a border.
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Real-time bank payments are a slow threat, and slow threats get priced late
Account-to-account payment systems are spreading. They will not replace card networks quickly, and that is exactly why the risk tends to be ignored.
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A fair multiple for a great business still needs patience
After a long stretch of the shares going nowhere, the multiple on this network finally looks fair. Fair is not the same as cheap, and it asks for time.
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