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Check Akre on Credit Card Companies

July 27, 2011 | About:

Also in most portfolios this year we added a new position in MasterCard. We purchased the

shares after uncertainty was created for the debit card market including issuing banks, payment

networks, and acquirers by the enactment of the Durbin amended Dodd-Frank Bill. Since the

quarter’s end, the Federal Reserve has provided some clarity for the space, and the shares have

responded positively. We think the card network business (MasterCard, Visa, AmEx and

Discover) is a superb business, with significant pricing power. We are expecting to be owners for

years to come. Stay tuned.

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