Michael McCloskey - His journey to become a value investor, Visa and the whole credit cards industry
The Education of a Value Investor
Visa and Mastercard - The System Really Works
In Australia where the regulators have regulated down interchange quite a bit. My understanding is, well, the consumer was actually not any better off they took away the rewards. So there's unintended consequences and it's easy to chastise them. The system really works. And that's not to say there won't be fee pressure and lawsuits and all that. But because for the vast majority of people, it works. I think it's going to be intact.
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