Mastercard (NYSE:MA) produced yet another strong set of financial results in 2017 with top line and earnings per share growth up by mid-teens for the year.The company’s business model remains very attractive, with powerful trends driving ever-increasing adoption of the electronic payments that Mastercard enables. We believe Mastercard’s competitive position remains very promising over the short to intermediate term. Longer term, we are trying to keep our antennae attuned to potentially disruptive technological threats. Meanwhile, Mastercard’s many virtues are as well appreciated as ever by the stock market and the company’s valuation feels both full and fair.
From Ruane Cunniff (Trades, Portfolio)'s Sequoia Fund 4th Quarter 2017 Manager's Commentary.
