Michael McCloskey - His journey to become a value investor, Visa and the whole credit cards industry
The Education of a Value Investor
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Is It a Bad Business?
It's obvious that it's a good business. But when I look at the balance sheet it just, maybe it's just my mind I prefer things that are really simple. And in a certain way amex is kind of a marketing partner for many, for many businesses. So you could argue that visa and mastercard are a front for the banks with the merchants. Does the consumer pay anything to have a credit card? The answer is if you handle yourself right. You don't and you pay your bills on time. And you don't get into credit card debt debt or anything.
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