The Intrinsic Value Podcast on $MA (Nov 6, 2026)
Mastercard is a large-scale spending toll bridge at 20% of the fund; global spending is likely to keep rising, benefiting Mastercard and Visa. Its entrenched position is very hard to displace, making it a great company; the stake was bought around the Great Financial Crisis much cheaper and has been held with little or no selling.
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The first example was Mastercard. You can think of it as a kind of bottleneck on a large scale. It currently constitutes 20% of the fund. Everyone here will know what Mastercard is.
It is essentially a company that you can think of as a kind of spending toll bridge, and spending is likely to continue to rise globally, and I feel that Mastercard and Visa are the beneficiaries of that.
It's a great company because they have the ability to continue, they can't go anywhere, and I feel it's very difficult for them to disappear. I believe he bought his stake in Mastercard sometime around the time of the Great Financial Crisis, as I mentioned.
So I think it was much cheaper. I don't remember the exact financial multiplier, but it was much cheaper when he bought it. Returning to that point about selling, as far as I know, he didn't sell much or anything of that stake during the entire period he held it.