Core Insights - The article discusses the author's long-term investment strategy, focusing on Visa as a significant holding in their portfolio, emphasizing the importance of intrinsic value in investment decisions [1]. Group 1: Investment Strategy - The company has a long-term investment approach, preferring to hold positions unless there is a compelling reason to sell [1]. - The author aims to maximize total return over time by purchasing assets when their price is low relative to intrinsic value [1]. Group 2: Personal Background - The author has 22 years of experience in the energy industry, with roles in engineering, planning, and financial analysis, and has managed their own portfolio since 1998 [1]. - The author has successfully matched the S&P 500 return over the long term with lower volatility and higher income [1].

Core Insights - Antom, a brand under Ant Group, has launched an innovative AI-powered payment solution that enhances the accuracy of payment intent recognition and ensures traceability throughout the transaction process [1] - The Antom EasySafePay solution aims to make mobile payment transactions more convenient and secure [1] - Antom will facilitate AI agents to access various payment methods, including credit cards, e-wallets, and bank transfers, with initial pilot projects for credit card transactions in collaboration with Mastercard and Visa in the Asia-Pacific region [1]

Core Insights - Visa Canada celebrates its 28th consecutive year as a sponsor of the Toronto International Film Festival (TIFF), coinciding with TIFF's 50th edition, marking a significant milestone for the film industry in Canada [6][7] Group 1: Sponsorship and Community Engagement - Visa's sponsorship aims to enhance access to TIFF, promoting arts, culture, and community engagement [7] - The Visa Sharing the Screen initiative expands TIFF programming access to equity-deserving communities, offering curated events and screenings [11][12] - Since its launch in 2022, the Sharing the Screen initiative has welcomed over 2,000 attendees to various events [12] Group 2: Exclusive Cardholder Benefits - Visa introduces the Visa Infinite Studio, a premium lounge for eligible cardholders, located at 225 King St W, Toronto, open from September 4 to September 10 [8][9] - Eligible Visa Infinite and Visa Infinite Privilege cardholders receive priority access to lounges and screening rooms, along with complimentary beverages and popcorn during films [10] Group 3: Broader Sponsorship Activities - Visa is a global sponsor of major events including the FIFA World Cup 26™, Olympic and Paralympic Games, NFL, and Canada Soccer, showcasing its commitment to sports and cultural events [12][14]

Core Insights - Visa shares have been trading sideways since the June quarter report despite strong results and elevated growth, indicating a narrowing growth gap with Mastercard [1] Company Performance - Visa reported very strong results in the June quarter, showcasing elevated growth [1] - The growth gap between Visa and Mastercard is continuing to narrow, suggesting competitive improvements for Visa [1] Investment Strategy - The investment strategy focuses on companies with perfect qualitative attributes, aiming to buy at attractive prices based on fundamentals and hold long-term [1] - The portfolio management approach is concentrated on avoiding losers while maximizing exposure to significant winners, which may lead to rating great companies as 'Hold' if growth opportunities are below a certain threshold or if downside risks are too high [1]

Core Points - The first phase of ticket sales for the FIFA World Cup 26 will open with the Visa Presale Draw on September 10, 2025 [1][3] - Fans must register for a FIFA ID to participate in the ticketing process and will be notified about sale dates [2][4] - Group-stage tickets will start at USD 60, while exclusive final match tickets can reach up to USD 6,730 [6] Ticket Sales Phases - The Visa Presale Draw entry period is from September 10 to September 19, 2025, with successful applicants notified by September 29 [3][5] - Subsequent ticket sales phases will include an Early Ticket Draw from October 27 to 31, 2025, and a Random Selection Draw after the Final Draw [9] - Closer to the tournament, remaining tickets will be available on a first-come, first-served basis [10] Additional Ticketing Information - A secure resale platform for eligible ticket holders will be launched later this year to prevent unauthorized resales [11] - Fans can purchase hospitality packages at FIFA.com/hospitality, and are encouraged to buy tickets only through official channels [12]

Core Insights - Visa has partnered with U.K.-based climate FinTech Ample Earth to integrate sustainability data into digital banking apps and loyalty programs, aiming to enhance customer engagement and promote sustainable practices [1][2] Group 1: Partnership Details - The collaboration focuses on helping banks segment customers and discover new ways to engage and reward sustainability [2] - Ample Earth provides merchant-specific sustainability data, transforming unstructured data into actionable insights with eco-labels and social tags [3] Group 2: Sustainability Data and Consumer Behavior - Visa's white paper highlights the inconsistency and inaccuracy of available sustainability data, as well as the risk of greenwashing [3] - The partnership aims to empower consumers by clarifying sustainability claims and making data more accessible [3] - A report indicates that 73% of Gen Z consumers are willing to pay more for eco-friendly products, emphasizing the importance of sustainability in purchasing decisions [4]

Core Insights - Visa Inc. is facing both challenges and opportunities from the rise of stablecoins, which are becoming central to the evolving payments landscape [1][5] - The company is proactively engaging with fintech partners to enhance its capabilities in stablecoin transactions, ensuring it remains relevant in the digital payments space [2][4] - Visa's established advantages in fraud prevention, compliance, and global interoperability provide a competitive edge over stablecoin-native networks [3][8] Visa's Strategic Initiatives - Visa has expanded its support for multiple stablecoins, including USDC, PYUSD, USDG, and EURC, across four blockchains: Ethereum, Solana, Stellar, and Avalanche [2][8] - The company aims to integrate stablecoins into its existing payment infrastructure without compromising its traditional card-based revenue model [5] Competitive Landscape - Competitors like Mastercard and PayPal are also advancing in the stablecoin space, with Mastercard testing stablecoin transactions and PayPal launching its own stablecoin, PYUSD [4] - The rapid development of stablecoin networks presents a new layer in the payments ecosystem rather than a direct existential threat to Visa [5] Financial Performance - Visa's shares have increased by 11.3% year to date, outperforming the broader industry and the S&P 500 Index [6][8] - The Zacks Consensus Estimate predicts a 13.7% year-over-year growth in Visa's fiscal 2025 earnings, with continued growth expected in the following year [11][12] Valuation Metrics - Visa's forward price-to-earnings ratio stands at 27.64, higher than the industry average of 22.28, indicating a premium valuation [9][8] - The company holds a Value Score of D, suggesting potential concerns regarding its valuation relative to peers [9]

Company Overview - Mastercard is a global financial services company with a valuation exceeding $500 billion [2] - The company trades at more than 80% of Visa's valuation [2] Investment Strategy - The Value Portfolio focuses on building retirement portfolios using a fact-based research strategy [2] - This strategy includes extensive analysis of 10Ks, analyst commentary, market reports, and investor presentations [2] - The portfolio manager invests real money in the stocks recommended [2]

Summary of Key Points from the Conference Call Industry Overview - The analysis focuses on the global equity market, particularly the performance and positioning of long-only funds across various sectors, including Semiconductors, Industrials, and Health Care [1][2][24]. Core Insights - **Equity Flow Trends**: Long-only funds globally purchased $27.2 billion in the Semiconductors sector, driven by positive sentiment towards AI, while they sold $42.3 billion in Industrials and $27.1 billion in Health Care [1]. - **Regional Activity**: Funds bought $21.0 billion in Asia Pacific excluding Japan, while selling $56.5 billion in the US [1]. - **Top Stock Movements**: In the US, NVIDIA saw a significant inflow of $16.9 billion, while Apple experienced an outflow of $11.2 billion. In Emerging Markets, TSMC gained $5.9 billion, and MercadoLibre lost $1.4 billion [2]. Crowded Stocks Analysis - **Crowded Positives**: Stocks with high ownership and positive momentum include Meta, Broadcom, Netflix, Visa, Mastercard, and Wells Fargo [3][4]. - **Crowded Negatives**: Stocks with high ownership but negative momentum include Meituan, LVMH, and Pilbara Minerals [3]. - **Under-owned Negatives**: Stocks like BHP, Targa Resources, and Lockheed Martin are under-owned but have potential upside [4]. Fund Ownership and Active Exposure - **Fund Ownership Metrics**: The report indicates that 73% of relevant funds own Stock B, highlighting the importance of fund ownership in investment decisions [28]. - **Active Exposure Analysis**: The analysis includes over 5,647 active long-only funds managing more than $29 trillion in equities, with a focus on their relative weight against benchmarks [18][19]. Performance Metrics - **Back-tested Performance**: Crowded Positive stocks have outperformed the global combined universe by 4.4% since January 2015, while Under-owned Negatives have consistently underperformed [73]. - **Equity Flow Calculation**: The report emphasizes the importance of equity flow in understanding fund behavior, with cumulative long-only equity flow for China stocks reaching $193.0 billion [27]. Methodology and Limitations - **Methodology**: The analysis combines fund ownership, active exposure, and Triple Momentum to identify investment opportunities and risks [36][63]. - **Limitations**: The report notes that the analysis does not include funds that do not declare holdings regularly or those with less than $500 million in AUM, which may skew results [72]. Conclusion - The report provides a comprehensive overview of fund flows, stock positioning, and performance metrics, highlighting significant trends in the equity market and identifying potential investment opportunities and risks across various sectors and regions.

Summary of Stablecoin Discussion in Earnings Calls Industry Overview - The discussion revolves around the payments ecosystem, particularly focusing on stablecoins and their applications in cross-border transactions, internal treasury management, and domestic payments [1][7][32]. Key Points on Stablecoins 1. Primary Use Cases - **Cross-Border Payments**: Management teams view cross-border transactions as the primary use case for stablecoins, particularly in select geographies [1][3]. - **Internal Treasury Management**: Companies are leveraging stablecoins to enhance internal treasury operations and reduce costs [5][27]. - **Domestic Payments**: There is skepticism regarding stablecoins' effectiveness in domestic consumer payments, with many believing they do not address consumer needs [2][20]. 2. Company-Specific Insights - **Mastercard (MA)**: Emphasizes that stablecoins do not currently provide a compelling value proposition for regular P2M payments, likening them to prepaid cards [4][26]. However, they are expanding options for cross-border transactions and remittances [18]. - **American Express (AXP)**: Expresses doubt about stablecoins replacing existing payment methods, citing the benefits of current systems like rewards and dispute resolution [23][54]. - **Visa (V)**: Highlights the deployment of stablecoin-linked cards and the potential for faster cross-border transactions, particularly in emerging markets [21][35]. - **PayPal (PYPL)**: Introduces PYUSD, a stablecoin aimed at addressing high fees and slow cross-border transfers, with a focus on real-world applications [45][49]. 3. Partnerships and Collaborations - Numerous partnerships have been announced to integrate stablecoin functionalities, such as: - **PAYO x Citi**: Leveraging Citi's Token Services for global liquidity [6]. - **CPAY x Circle**: Integrating USDC wallets into CPAY's platform [6]. - **RELY x Bridge**: Enabling stablecoin disbursements in select markets [6]. - These partnerships aim to enhance treasury efficiency and facilitate the movement of funds across different currencies [11][30]. 4. Challenges and Considerations - **FX Conversion Needs**: While stablecoins offer time and cost savings in certain corridors, there remains a need for effective foreign exchange conversion solutions [3][15]. - **Consumer Adoption**: The lack of consumer demand for stablecoins in domestic payments is a significant barrier, with many companies noting that existing payment methods are sufficient [2][24][25]. - **Infrastructure and Compliance**: Companies emphasize the importance of robust infrastructure and regulatory compliance to facilitate stablecoin transactions [42][54]. 5. Future Outlook - The consensus among industry players is that while stablecoins present opportunities, they are unlikely to replace existing payment systems. Instead, they will serve as complementary tools, particularly in cross-border transactions and treasury management [54][19][51]. Additional Insights - The integration of stablecoins into existing payment systems is seen as a way to enhance efficiency and reduce costs, particularly for businesses operating in multiple currencies [29][40]. - Companies are actively exploring the potential of stablecoins to address the needs of customers in inflationary economies, providing them with a less volatile currency option [53][54]. This summary encapsulates the key discussions and insights from the earnings calls regarding stablecoins, highlighting their potential applications, challenges, and the evolving landscape of the payments industry.