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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The Business Benefits of Payment Networks
I think it just scared them that perhaps the moat was being eroded and perhaps the future is going to be more difficult for the credit card networks. So I'm watching it like a hawk, but I think that's the conclusion they came to. And so there's a lot of people coming at them because of the economics. It's such a big part of the economy and it's so profitable that there is a risk that somebody breaches the dyke and changes the game. You know that's but I don't think that's probable but it's possible. Yes. Russia has had its own version of visa and mastercard called China Union pay. They've kind of kept visa and master
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