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Visa vs American Express: Which is the better credit card business?

Our portfolio at The Fifth Person follows several simple rules: Own easy-to-understand, predictable, profitable businessesTake advantage of market panic to buy these businesses at discounts (most recently COVID-19, interest rate fears, China regulatory crackdown)Ideally, these are capital-light businesses with high recurring revenue streams Part 3 often draws the most questions from new members or from …

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