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Bill Ackman’s Pershing Square re-enters Netflix with a 3.15M share stake, declaring the streaming wars won after a historic 2022 loss.
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https://www.sec.gov/newsroom/press-releases/2026-90-sec-issues-innovation-exemption-facilitate-trading-tokenized-nms-stock-request-comment
CME Group and Morningstar are compared as financial infrastructure plays. CME dominates derivatives trading with an impressive 62% net margin and $6.5B revenue, but trades at a premium valuation (forward P/E 22.5). Morningstar offers investment research with lower margins (15.3%) but more attractive valuation (forward P/E 15.5). The author leans toward CME despite valuation concerns due to its superior profitability and dividend, though both stocks have underperformed the S&P 500 over longer periods.
https://www.wsj.com/tech/ai/mastercard-inks-deal-as-payment-giants-brace-for-new-era-of-ai-shopping-eb22da8b
https://www.wsj.com/tech/ai/mastercard-inks-deal-as-payment-giants-brace-for-new-era-of-ai-shopping-eb22da8b
Under new CEO Greg Abel, Berkshire Hathaway has concentrated 75% of its $365.2 billion equity portfolio into 8 stocks. American Express is the only one lagging the S&P 500 over the past year due to margin compression from high cardholder rewards and marketing expenses. Despite these headwinds, the article argues American Express offers compelling value at 19.7x trailing earnings for long-term investors who believe in its business model.
Visa's take rate—the percentage of revenue collected from gross payment volume—is less than 0.3%, which appears low but is intentional given its open-loop business model where it acts as a transaction facilitator rather than a credit provider. While the company could theoretically increase its take rate through higher processing fees, cross-border commerce expansion, or reduced client incentives, analyst Eric Volkman argues the current model works brilliantly and requires only minor tweaks, as aggressive moves could alienate merchants, issuers, and cardholders in a competitive market.