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Bill Nygren - Fundamental Investing From A Generalist’s Perspective

Value Investing with Legends

CHAPTER

Capital One Is a Leader in Credit Card Lending to Non Prime Customers

Investors are pricing capital one as if they are going into a recession of the seriousness of either the COVID recession or the great financial crisis. We've never seen a stronger labor market for unskilled labor and capital one is one of the leaders in credit card lending to non-prime customers. As long as people have jobs, they're going to pay their credit card debt and auto loans. The opportunity to purchase this at today's multiple of six times earnings is a bargain.

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