2023 Shareholder Letter
The last twelve months were, market-wise, interesting. Multiple things have happened that contributed to changes in my thinking-process.
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Visa Earnings: Business Momentum Is Likely To Be Sustained, But Clouds Are Gathering
Visa continues to deliver as the company fully capitalizes on recent macroeconomic and industry-wide tailwinds. The expectations for the upcoming...
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Block: When A Flat Share Price Is A Cause Of Concern
The highly supportive outside environment was not able to propel the share price anywhere near its previous highs. When adjusting for risks, Block...
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Fiserv: Achieving Industry-Leading Returns Is Not As Hard As You Might Think
Fiserv's delivered a 30% return since October of last year, when I laid out my full investment thesis. Fiserv is laying the groundwork for long...
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Visa: Don't Follow Narratives And Focus On What Matters In Upcoming Earnings
The risk of a recession is still casting a shadow over Visa, but implications from the inflationary environment should not be ignored.
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