Montaka Global Investments, an investment management company, released its second-quarter 2026 investor letter. A copy of the update is available to download here. Montaka manages a concentrated portfolio of high–conviction, long-term, competitively advantaged businesses bought when prices are attractive. While it delivered positive returns in the June quarter, its 12-month performance was largely negative due to declines in the March quarter amid the 'SaaSpocalypse', yet the underlying businesses performed well. Montaka's strategy focuses on owning businesses that grow earnings in large markets, which struggled against short-term bottleneck trades that gained popularity. However, Montaka aims for long-term excess returns above market indices, anticipating that current mispricing will eventually correct. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Montaka Global Investments highlighted Mastercard Incorporated (NYSE:MA). Mastercard Incorporated (NYSE:MA) is a leading global payment technology company provides transaction processing and other payment-related products and services. On July 22, 2026, Mastercard Incorporated (NYSE:MA) closed at $531.98 per share, reflecting a market capitalization of $470.05 billion. Mastercard Incorporated (NYSE:MA) posted a one-month return of 8.81%, while its shares lost 5.59% over the past 52 weeks.
Montaka Global Investments stated the following regarding Mastercard Incorporated (NYSE:MA) in its Q2 2026 investor update:
"On the other side of the market are some of the world's highest quality businesses which have been overlooked during the semiconductor–mania.
Take Visa and Mastercard Incorporated (NYSE:MA), for example. Both are extraordinarily advantaged businesses and have consistently grown annual revenues at double–digit percentage rates for many years. And in our view, strong growth will likely continue – driven by new value–added services attached to their payment networks (related to stablecoins, agentic commerce, fraud detection, and other data services) which are growing at even faster rates.

#incorporated #businesses #Investments #quarter

Montaka Global Investments, an investment management company, released its second-quarter 2026 investor letter. A copy of the update is available to download here. Montaka manages a concentrated portfolio of high–conviction, long-term, competitively advantaged businesses bought when prices are attractive. While it delivered positive returns in the June quarter, its 12-month performance was largely negative due to declines in the March quarter amid the 'SaaSpocalypse', yet the underlying businesses performed well. Montaka's strategy focuses on owning businesses that grow earnings in large markets, which struggled against short-term bottleneck trades that gained popularity. However, Montaka aims for long-term excess returns above market indices, anticipating that current mispricing will eventually correct. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Montaka Global Investments highlighted Visa Inc. (NYSE:V). Visa Inc. (NYSE:V) is a multinational financial services company known for its payment technology network that offers credit, debit, and prepaid card products and other services. On July 22, 2026, Visa Inc. (NYSE:V) closed at $353.42 per share. One-month return of Visa Inc. (NYSE:V) was 5.95%, and its shares lost 1.07% over the past 52 weeks. Visa Inc. (NYSE:V) has a market capitalization of $665.89 billion.
Montaka Global Investments stated the following regarding Visa Inc. (NYSE:V) in its Q2 2026 investor update:
"On the other side of the market are some of the world's highest quality businesses which have been overlooked during the semiconductor–mania.
Take Visa Inc. (NYSE:V) and Mastercard, for example. Both are extraordinarily advantaged businesses and have consistently grown annual revenues at double–digit percentage rates for many years. And in our view, strong growth will likely continue – driven by new value–added services attached to their payment networks (related to stablecoins, agentic commerce, fraud detection, and other data services) which are growing at even faster rates.

#NYSE #Services #quarter #investor

On July 21, during CNBC's Mad Money program, host Jim Cramer used the daily chart **** ysis by options trader Bob Lang, founder of Explosive Options, to examine American Express Company (NYSE:AXP). Cramer pointed to the company's distinct cardholder demographic and high-margin annual fee structure, as he highlighted why the premium card issuer remains a long-time favorite for core portfolio allocations:
Now finally, there's one that I have been near and dear for as long as I can remember, and that's American Express. Now, this only has 10% of purchase volume with fewer cards in circulation, but their cardholders tend to spend a lot more money. Plus, they charge fees for their best cards, basically making you pay for access to their generous rewards programs. It's a fantastic business model. But remember, they do have credit risk.
Under Cramer's framework, American Express occupies a specialized niche compared to rival payment networks Visa Inc. (NYSE:V) and Mastercard Incorporated (NYSE:MA). While Visa controls 60% of cardholders and Mastercard holds 25% to 30%, American Express Company (NYSE:AXP) commands roughly 10% of purchase volume. However, unlike Visa and Mastercard, which operate strictly as neutral tollbooths with zero balance-sheet risk, American Express operates as a direct card issuer. That closed-loop structure allows the company to capture premium annual membership fees and higher per-cardholder spending, though it requires absorbing credit default risk when consumers fall behind on payments.
On the technical side, Cramer highlighted that Lang noted that American Express Company (NYSE:AXP) has shown exceptional relative strength during recent broader market chop. After breaking out above its 200-day moving average in early June, the stock successfully retested that key support level on multiple occasions before surging higher on heavy volume. With the MACD indicator continuing to flash a buy signal, Lang sees a clear path toward $350, with a secondary upside target at its February peak of $370. It is the exact price level where sellers previously emerged. Furthermore, heading into Friday's quarterly report, Cramer shared Lang's bullish fundamental outlook on travel demand while offering his own tactical trading playbook for retail investors:
Now, I've gotta tell you, in his view, American Express is the best in class. Given that we've seen big numbers in travel here, Lang expects that Amex will shoot the lights out when it reports on Friday… I agree with him that this company's best of breed, but I also want to point out that American Express' stock, no matter what they seem to report, tends to sell off in response to earnings on that Friday even when the numbers are terrific. Then it gradually finds its footing afterwards and mounts strong rallies in between quarters, which is why I always say, you know, around like 10:30, 11, you might want to buy this one. I'm not kidding. It's been a good prediction so far.

#volume

During the July 21 episode of CNBC's Mad Money, host Jim Cramer reviewed Mastercard Incorporated (NYSE:MA) using options trader Bob Lang's **** ysis of the daily chart of the stock. Pointing to the company as a premier vehicle for investors seeking to rebalance away from pure tech without sacrificing growth or high-margin processing power, Cramer highlighted its market share and recent price action:
I want to talk about the next chart, which is one of my absolute favorites. Michael Miebach runs it. It's Mastercard, MA, second most commonly used credit card. 25 to 30% of cardholders have one. Again, you can see that the stock's gone crazy in the last few weeks. Bouncing like mad off of its June lows. Although, unlike Visa, it still hasn't taken out its January highs. This is what I mean, by the way, when I say you need to diversify away from some of your tech. Mastercard is a tech company in bank clothing. It's always been a terrific place to be.
Examining the daily chart, Cramer highlighted that Bob Lang noted that Mastercard Incorporated (NYSE:MA) has constructed a textbook bullish trend channel marked by a series of higher highs and higher lows since hitting its June bottom. The stock's moving average convergence divergence (MACD) line generated a buy signal last month, while its relative strength index continues to trend upward without reaching overbought territory. Elevated volume and a rising on-balance volume line further validate the move. Cramer noted that Lang sees that the stock has legs, with primary technical resistance sitting at $573, representing roughly $35 in potential upside toward where the stock traded prior to a January gap down, giving Mastercard Incorporated (NYSE:MA) a clear path to challenge its January highs.
In Cramer's breakdown of the payment landscape, Mastercard Incorporated (NYSE:MA) occupies a middle ground in cardholder reach while sharing a critical structural moat with market leader Visa Inc. (NYSE:V). While Visa commands the top spot with 60% of cardholders and American Express Company (NYSE:AXP) handles roughly 10% of purchase volume, Mastercard sits solidly in second place with 25% to 30% cardholder penetration. Both Visa Inc. (NYSE:V) and Mastercard Incorporated (NYSE:MA) operate strictly as **** et-light processing networks with zero credit exposure, completely insulating them from default losses that direct lenders like American Express Company (NYSE:AXP) must carry on their balance sheets. On the technical side, while Visa has already surged past its January peak, Mastercard is still catching up after bouncing off its June floor, giving investors a high-margin processing stock.

#cramer

During the Tuesday episode of Mad Money, host Jim Cramer discussed the major credit card networks as he noted that consumer spending remains resilient. He began by highlighting the broader economic data and noted that roughly 81% of Americans hold a credit card, averaging three to four cards per consumer, with cardholders using about 29% to 30% of their available balance. Even though the median household holds approximately $8,000 in cash, consumers continue to prefer credit over drawing down savings. Explaining how these consumer habits feed into the major card networks, Cramer noted:
All this is to say that the three big credit card companies, Visa, Mastercard, and American Express have a tremendous read on the state of the economy, and after a very rocky first quarter, these stocks have been steadily chugging higher since April.
Examining the daily chart of market leader Visa Inc. (NYSE:V) with the help of Bob Lang's (founder of Explosive Options) **** ysis, Cramer highlighted how the stock's recent technical breakout contradicts theories of a struggling consumer:
Why don't we start with Visa? That's the most used credit card. 60% of cardholders have one... Check out the daily chart. Visa's been roaring higher on terrific relative strength lately. I mean, this is not what Visa's chart looks like when the consumer's being squeezed. When you look at the moving average convergence divergence, that's the MACD… That's an important momentum indicator that can detect changes in the stock's trajectory before they happen… This isn't a coincidence; this is predictive. It made a bullish crossover mid-June. That's what really got people excited... And it's one of the most positively reliable patterns there is out there. Sure enough, the stock's been on fire ever since the cross...
Cramer also pointed to the volume indicator at the bottom of the chart to highlight the influx of big-money accumulation:

#credit #card #chart #networks

Giverny Capital ***** et Management, LLC, an investment management company, recently published its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The model portfolio returned 13.70% this quarter, compared to the S&P 500's 15.20% return. YTD, the portfolio gained 5.89%, while the index increased by 10.21%. The long-term link between stock appreciation and earnings growth is strong; Benjamin Graham described the market as a "voting machine" in the short term and a "weighing machine" in the long term. Despite the S&P 500's 10.2% rise in the first half of the year, 210 stocks lost value, indicating market anomalies. High-quality earnings compounders that benefit from AI capabilities are likely to maintain their competitive edge. Recently, the market has increasingly chased momentum. Tech giants are taking advantage of the optimism of investors amid fears of an AI bubble. Despite strong profit margins, reliance on "moonshot" investments raises sustainability concerns. The author recommends investing in both emerging tech leaders and established firms. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Giverny Capital ***** et Management highlighted JPMorgan Chase & Co. (NYSE:JPM). JPMorgan Chase & Co. (NYSE:JPM) is a leading financial services company that provides financial, commercial, ***** et and wealth management as well as investment banking services. On July 21, 2026, JPMorgan Chase & Co. (NYSE:JPM) closed at $345.23 per share, reflecting a market capitalization of $917.69 billion. JPMorgan Chase & Co. (NYSE:JPM) posted a one-month return of 3.53%, while its shares gained 16.33% over the past 52 weeks.
Giverny Capital ***** et Management stated the following regarding JPMorgan Chase & Co. (NYSE:JPM) in its Q2 2026 investor update:
"Roughly 40% of the Index outperforming the average and 60% underperforming is not so unusual, but two-thirds of that lagging group underperforming by more than 10 percentage points seems like a lot. Even this level of dispersion might make sense if most of the earnings growth in the Index was concentrated in the 200 stocks that were up double digits. This is not the case. We own Index constituents such as Charles Schwab, JPMorgan Chase & Co. (NYSE:JPM), Mastercard and Progressive Corp. that continue to grow their earnings per share at healthy rates and in some cases at higher rates than usual, but whose stock prices are lagging. JP Morgan has compounded earnings in the low teens over the past decade, with growth accelerating recently, but the stock lags the market this year."

#chase #management

With stablecoin supply above $300 billion and payment use reaching an estimated $390 billion in 2025, more than twice the previous year, competition increasingly centres on distribution, liquidity, reserve income, and access to payment networks.
Open USD has brought these commercial forces together through a consortium of more than 140 participants, including Visa, Mastercard, Stripe, Coinbase, and BlackRock. Participating companies will be able to distribute the ******* et through exchanges, wallets, merchant products, and payment services while receiving a share of reserve earnings.
The model places Open USD against established issuers and smaller competitors seeking partnerships with the same financial companies.
BeInCrypto spoke with Louisa Bai, Head of Stablecoins at Mysten Labs, Marc Boiron, CEO of Polygon Labs, and Kevin Cui, Executive Director and Chief Executive Officer of OSL Group, about stablecoin competition, regional use cases, currency demand, and blockchain settlement.
Open USD gives participating companies a financial incentive to support adoption through their own products. Reserve earnings can be returned to consortium members, linking token distribution to commercial revenue.

#open #reserve

Giverny Capital **** et Management, LLC, an investment management company, recently published its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The model portfolio returned 13.70% this quarter, compared to the S&P 500's 15.20% return. YTD, the portfolio gained 5.89%, while the index increased by 10.21%. The long-term link between stock appreciation and earnings growth is strong; Benjamin Graham described the market as a "voting machine" in the short term and a "weighing machine" in the long term. Despite the S&P 500's 10.2% rise in the first half of the year, 210 stocks lost value, indicating market anomalies. High-quality earnings compounders that benefit from AI capabilities are likely to maintain their competitive edge. Recently, the market has increasingly chased momentum. Tech giants are taking advantage of the optimism of investors amid fears of an AI bubble. Despite strong profit margins, reliance on "moonshot" investments raises sustainability concerns. The author recommends investing in both emerging tech leaders and established firms. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Giverny Capital **** et Management highlighted The Progressive Corporation (NYSE:PGR). The Progressive Corporation (NYSE:PGR) is a leading auto insurer in the United States offering personal autos and special lines products. On July 20, 2026, The Progressive Corporation (NYSE:PGR) closed at $212.23 per share. The one-month return of The Progressive Corporation (NYSE:PGR) was -1.60%, and its shares lost 14.21% over the past 52 weeks. The Progressive Corporation (NYSE:PGR) has a market capitalization of $123.39 billion.
Giverny Capital **** et Management stated the following regarding The Progressive Corporation (NYSE:PGR) in its Q2 2026 investor update:
"Roughly 40% of the Index outperforming the average and 60% underperforming is not so unusual, but two-thirds of that lagging group underperforming by more than 10 percentage points seems like a lot. Even this level of dispersion might make sense if most of the earnings growth in the Index was concentrated in the 200 stocks that were up double digits. This is not the case. We own Index constituents such as Charles Schwab, JP Morgan, Mastercard and The Progressive Corporation (NYSE:PGR) that continue to grow their earnings per share at healthy rates and in some cases at higher rates than usual, but whose stock prices are lagging.
The consensus of Wall Street **** ysts says Progressive will report lower earnings this year than last, as auto insurance rates are in decline after years of rate inflation. Progressive's growth rate is indeed slowing, but for the first half of 2026 its EPS rose 7%. Despite this, the share price dropped 4% for the first half of the year. We added to our position in June. For the first time in years, Progressive has been buying back its stock."

#progressive #capital

Giverny Capital ***** et Management, LLC, an investment management company, recently published its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The model portfolio returned 13.70% this quarter, compared to the S&P 500's 15.20% return. YTD, the portfolio gained 5.89%, while the index increased by 10.21%. The long-term link between stock appreciation and earnings growth is strong; Benjamin Graham described the market as a "voting machine" in the short term and a "weighing machine" in the long term. Despite the S&P 500's 10.2% rise in the first half of the year, 210 stocks lost value, indicating market anomalies. High-quality earnings compounders that benefit from AI capabilities are likely to maintain their competitive edge. Recently, the market has increasingly chased momentum. Tech giants are taking advantage of the optimism of investors amid fears of an AI bubble. Despite strong profit margins, reliance on "moonshot" investments raises sustainability concerns. The author recommends investing in both emerging tech leaders and established firms. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Giverny Capital ***** et Management highlighted Mastercard Incorporated (NYSE:MA). Mastercard Incorporated (NYSE:MA) is a leading global payment technology company provides transaction processing and other payment-related products and services. On July 20, 2026, Mastercard Incorporated (NYSE:MA) closed at $547.44 per share, reflecting a market capitalization of $483.71 billion. Mastercard Incorporated (NYSE:MA) posted a one-month return of 11.06%, while its shares lost 2.99% over the past 52 weeks.
Giverny Capital ***** et Management stated the following regarding Mastercard Incorporated (NYSE:MA) in its Q2 2026 investor update:
"Roughly 40% of the Index outperforming the average and 60% underperforming is not so unusual, but two-thirds of that lagging group underperforming by more than 10 percentage points seems like a lot. Even this level of dispersion might make sense if most of the earnings growth in the Index was concentrated in the 200 stocks that were up double digits. This is not the case. We own Index constituents such as Charles Schwab, JP Morgan, Mastercard Incorporated (NYSE:MA) and Progressive Corp. that continue to grow their earnings per share at healthy rates and in some cases at higher rates than usual, but whose stock prices are lagging.
Similarly, Wall Street ***** ysts expect Mastercard to compound EPS by 15% over the next few years, roughly the same rate as the past 20 years. The stock was down 10% in the first half of 2026 and has lagged the Index over the past five years."

#incorporated #index #asset

Giverny Capital ****** et Management, LLC, an investment management company, recently published its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The model portfolio returned 13.70% this quarter, compared to the S&P 500's 15.20% return. YTD, the portfolio gained 5.89%, while the index increased by 10.21%. The long-term link between stock appreciation and earnings growth is strong; Benjamin Graham described the market as a "voting machine" in the short term and a "weighing machine" in the long term. Despite the S&P 500's 10.2% rise in the first half of the year, 210 stocks lost value, indicating market anomalies. High-quality earnings compounders that benefit from AI capabilities are likely to maintain their competitive edge. Recently, the market has increasingly chased momentum. Tech giants are taking advantage of the optimism of investors amid fears of an AI bubble. Despite strong profit margins, reliance on "moonshot" investments raises sustainability concerns. The author recommends investing in both emerging tech leaders and established firms. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Giverny Capital ****** et Management highlighted The Charles Schwab Corporation (NYSE:SCHW). The Charles Schwab Corporation (NYSE:SCHW) is a multinational financial services company that provides wealth management, securities brokerage, banking, ****** et management, custody, and financial advisory services. On July 20, 2026, The Charles Schwab Corporation (NYSE:SCHW) closed at $102.54 per share, reflecting a market capitalization of $178.33 billion. The Charles Schwab Corporation (NYSE:SCHW) posted a one-month return of 10.06%, while its shares gained 7.50% over the past 52 weeks.
Giverny Capital ****** et Management stated the following regarding The Charles Schwab Corporation (NYSE:SCHW) in its Q2 2026 investor update:
"Roughly 40% of the Index outperforming the average and 60% underperforming is not so unusual, but two-thirds of that lagging group underperforming by more than 10 percentage points seems like a lot. Even this level of dispersion might make sense if most of the earnings growth in the Index was concentrated in the 200 stocks that were up double digits. This is not the case. We own Index constituents such as The Charles Schwab Corporation (NYSE:SCHW), JP Morgan, Mastercard and Progressive Corp. that continue to grow their earnings per share at healthy rates and in some cases at higher rates than usual, but whose stock prices are lagging.
Schwab, for example, earned $4.87 per share in 2025 and the consensus of Wall Street ****** ysts calls for earnings per share, or EPS, of $7.62 in 2027. That would represent a two year growth rate of 56%, or 25% per year. As of June 30th, the shares were down 8% for the year and trading at $92.27, or 12 times the 2027 EPS estimate. The Index trades for more than 20 times the forward estimate. We

Giverny Capital ****** et Management, LLC, an investment management company, recently published its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The model portfolio returned 13.70% this quarter, compared to the S&P 500's 15.20% return. YTD, the portfolio gained 5.89%, while the index increased by 10.21%. The long-term link between stock appreciation and earnings growth is strong; Benjamin Graham described the market as a "voting machine" in the short term and a "weighing machine" in the long term. Despite the S&P 500's 10.2% rise in the first half of the year, 210 stocks lost value, indicating market anomalies. High-quality earnings compounders that benefit from AI capabilities are likely to maintain their competitive edge. Recently, the market has increasingly chased momentum. Tech giants are taking advantage of the optimism of investors amid fears of an AI bubble. Despite strong profit margins, reliance on "moonshot" investments raises sustainability concerns. The author recommends investing in both emerging tech leaders and established firms. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Giverny Capital ****** et Management highlighted Mastercard Incorporated (NYSE:MA). Mastercard Incorporated (NYSE:MA) is a leading global payment technology company provides transaction processing and other payment-related products and services. On July 20, 2026, Mastercard Incorporated (NYSE:MA) closed at $547.44 per share, reflecting a market capitalization of $483.71 billion. Mastercard Incorporated (NYSE:MA) posted a one-month return of 11.06%, while its shares lost 2.99% over the past 52 weeks.
Giverny Capital ****** et Management stated the following regarding Mastercard Incorporated (NYSE:MA) in its Q2 2026 investor update:
"Roughly 40% of the Index outperforming the average and 60% underperforming is not so unusual, but two-thirds of that lagging group underperforming by more than 10 percentage points seems like a lot. Even this level of dispersion might make sense if most of the earnings growth in the Index was concentrated in the 200 stocks that were up double digits. This is not the case. We own Index constituents such as Charles Schwab, JP Morgan, Mastercard Incorporated (NYSE:MA) and Progressive Corp. that continue to grow their earnings per share at healthy rates and in some cases at higher rates than usual, but whose stock prices are lagging.
Similarly, Wall Street ****** ysts expect Mastercard to compound EPS by 15% over the next few years, roughly the same rate as the past 20 years. The stock was down 10% in the first half of 2026 and has lagged the Index over the past five years."

#mastercard #incorporated #NYSE #giverny

Giverny Capital **** et Management, LLC, an investment management company, recently published its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The model portfolio returned 13.70% this quarter, compared to the S&P 500's 15.20% return. YTD, the portfolio gained 5.89%, while the index increased by 10.21%. The long-term link between stock appreciation and earnings growth is strong; Benjamin Graham described the market as a "voting machine" in the short term and a "weighing machine" in the long term. Despite the S&P 500's 10.2% rise in the first half of the year, 210 stocks lost value, indicating market anomalies. High-quality earnings compounders that benefit from AI capabilities are likely to maintain their competitive edge. Recently, the market has increasingly chased momentum. Tech giants are taking advantage of the optimism of investors amid fears of an AI bubble. Despite strong profit margins, reliance on "moonshot" investments raises sustainability concerns. The author recommends investing in both emerging tech leaders and established firms. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Giverny Capital **** et Management highlighted The Progressive Corporation (NYSE:PGR). The Progressive Corporation (NYSE:PGR) is a leading auto insurer in the United States offering personal autos and special lines products. On July 20, 2026, The Progressive Corporation (NYSE:PGR) closed at $212.23 per share. The one-month return of The Progressive Corporation (NYSE:PGR) was -1.60%, and its shares lost 14.21% over the past 52 weeks. The Progressive Corporation (NYSE:PGR) has a market capitalization of $123.39 billion.
Giverny Capital **** et Management stated the following regarding The Progressive Corporation (NYSE:PGR) in its Q2 2026 investor update:
"Roughly 40% of the Index outperforming the average and 60% underperforming is not so unusual, but two-thirds of that lagging group underperforming by more than 10 percentage points seems like a lot. Even this level of dispersion might make sense if most of the earnings growth in the Index was concentrated in the 200 stocks that were up double digits. This is not the case. We own Index constituents such as Charles Schwab, JP Morgan, Mastercard and The Progressive Corporation (NYSE:PGR) that continue to grow their earnings per share at healthy rates and in some cases at higher rates than usual, but whose stock prices are lagging.
The consensus of Wall Street **** ysts says Progressive will report lower earnings this year than last, as auto insurance rates are in decline after years of rate inflation. Progressive's growth rate is indeed slowing, but for the first half of 2026 its EPS rose 7%. Despite this, the share price dropped 4% for the first half of the year. We added to our position in June. For the first time in years, Progressive has been buying back its stock."

#NYSE #earnings #asset

The American League shutout the National League 4-0 on Tuesday in the 2026 All-Star Game. Here’s some notes I took.
Keeping Score: I decided to watch the All-Star Game this year. Not only that, I decided to score the All-Star Game this year. I recently found my old scorebook and thought it’d be fun, since I’m here recapping this with you anyways. The first game in this scorebook is a Félix Hernández complete game from Opening Day 2011. The last is both halves of a doubleheader between Washington State University and Cal State Northridge in Pullman that I covered for the school paper in 2017. In between there’s the Mariners/Marlins game that was played in Seattle because of a U2 concert in Miami; a game from the Tokyo Dome that I woke up at 2 a.m. for, per my diligent notes; a game started by Blake Beavan that I did not proceed to score after the first inning; the Red Sox first game after the Boston Marathon bombing; a 2013 WBC game; a 2017 WBC game; and a bunch of losing Mariners baseball. I’m not quite sure what the point of scoring games is in 2026, with technology and such. But I’m adding to my corporeal collection of bizarre baseball games that I might not otherwise remember.
Star-Less: The 2026 All-Star Game was relatively starless. No Aaron Judge. No Shohei Ohtani. Yes Ernie Clement. I won’t lie and say that this adds to my interest in the All-Star Game, as I watch pretty much every year, albeit more passively. But it is cool that we’ll get to see a lot more of the B+ quality of player that I think makes the league so interesting these days. My takeaways from the starting lineups are that I think it’s cool CJ Abrams is batting fourth for the NL. What a year it’s been for him. The other takeaway is I initially wrote Freddie Freeman’s team in my book as “ATL” rather than “LAD.” I’m not sure what that means, but it’s the first mistake on what’s sure to be a rather messy scorecard.
The Pregame: I’m writing this as the lineups are being announced. Each player is entering through an MLB-branded Liberty Bell and jogging a few feet to a podium, where they’re signing what appears to be the starting lineups on a large, old-timey document using quill and ink. What I’ve gotten out of this All-Star week is that Philadelphia really wants you to know that their culture is boxing, the founding fathers, and booing other teams players. The only players who didn’t get booed on announcement were the Phillies players and the Philly-born players (like Mike Trout). After all the players were aligned on the chalk — a process that took a bit more than 30 minutes — the Mastercard Kids4Techᵀᴹ entered and shook all the players hands.
The Post-Pregame: Play ball! Er, commercial break… Washington’s Lottery, North Idaho College, RnR RV Center, some sort of sponcon game show called Beat Shazam… and Play Ball! Er, no let’s hear from our hosts tonight, Joe Davis and John Smoltz, who I haven’t seen since the postseason. They’re interviewing Justin Verlander, and hinting

VEON Ltd. (NASDAQ:VEON) is one of the undervalued stocks to buy according to the Wall Street. On July 2, VEON and Mastercard (NYSE:MA) announced a collaboration to accelerate the development of inclusive and accessible financial services across Ukraine, Kazakhstan, Pakistan, and Uzbekistan. By combining VEON's local digital platforms and customer reach with Mastercard's global payment network and expertise, the organizations aim to address financial service gaps in underserved markets.
The initiative will explore the development of AI-powered financial solutions, including embedded finance, digital wallets, and credit scoring systems, alongside merchant and remittance services. These tools are designed to overcome barriers such as limited credit history and fragmented payment infrastructure, making financial products more affordable and accessible for consumers and small businesses.
Photo by Mika Baumeister on Unsplash
The collaboration is set to begin with pilot programs in Ukraine and Kazakhstan, with potential for further expansion into VEON Ltd.'s (NASDAQ:VEON) other markets and beyond. Both companies intend to leverage mobile connectivity to foster greater economic opportunity and financial inclusion, viewing these services as a foundation for empowering communities in the digital economy.
VEON Ltd. (NASDAQ:VEON) is a global telecommunications company providing mobile, data and digital services across emerging markets in Asia, Africa and Europe, focusing on connectivity, digital solutions and customer‑centric offerings to drive growth and engagement.

Mastercard Inc. (NYSE:MA) ranks among the best fintech stocks to buy as digital payments volume surges. On June 25, UBS reiterated its Buy rating on Mastercard Inc. (NYSE:MA) and set a price objective of $640 for the company's shares. The rating followed the firm's hosting of Mastercard Inc (NYSE:MA) executives for three days of investor meetings.
The meetings involved discussions around agentic commerce, namely Agent Pay for Machines, the purchase of BVNK, value-added services and products, international travel, net revenue growth, MDL-1720, and the competitive landscape and portfolio successes.
The talks, according to UBS, complemented earlier disclosures while boosting optimism regarding Mastercard's medium-to-longer-term growth forecast and resilience.
According to UBS's reverse discounted cash flow **** ysis, MA's current share price implies a net revenue compound annual growth rate of about 4% from 2031 to 2040, which the firm believes will be significantly lower than what the firm will achieve.
Meanwhile, as previously noted, on June 10, Mastercard Inc (NYSE:MA) launched Agent Pay for Machines, a new service that will enable regulated, coordinated, and machine-speed transactions over its global payments network.

Shares of Circle Internet Group (CRCL) fell on Tuesday after Open Standard unveiled Open USD (OUSD), a dollar stablecoin backed by more than 140 companies, including Visa, Mastercard, and Coinbase, that targets the market its USD Coin (USDC) token leads.
The launch puts payment networks, banks, and crypto firms behind a single token. It lands as Circle's USDC and Tether's USDT control most of the stablecoin market.
Open USD goes after the enterprise users that drive USDC adoption. Businesses can mint and redeem it for free, and partners keep the earnings on its reserves after a small fee.
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That model strikes at how Circle makes money. Reserve interest produced 99% of its revenue in 2024, its filing shows.

June 30 (Reuters) - A consortium including Visa, Mastercard and Coinbase on Tuesday launched a new joint stablecoin in a bid to broaden the ‌adoption of the digital tokens.
The venture, called Open Standard, brings together more ‌than 140 businesses for the stablecoin network and will issue a new U.S.-dollar pegged stablecoin called Open USD, which is expected to go live later this year.
It is aimed at accelerating the usage of the digital tokens worldwide by addressing hurdles that businesses face in scaling stablecoin adoption, Open Standard said.
"Existing stablecoins have great strengths, but to use them ‌at scale, businesses need something ⁠that's open, low-cost, high-throughput, broadly accessible, and aligned to their interests," Open Standard founding CEO Zach Abrams said.
It will let businesses mint ⁠and redeem Open USD without any cost and limits on volumes to help them build for scale. Earnings from Open USD's reserves backing the digital token will also be shared among the initiative's partners, minus a management fee to cover operational costs.

For a short while, it looked like the market was going to bounce back from its early June setback and rekindle its rally. Now, not so much. The S&P 500 is stumbling again, knocking on the door of a new multi-week low, led lower by many of the same AI stocks that led it higher. There may be more downside in store, too.
Just keep things in perspective. There's nothing particularly unusual about this near-term weakness. In fact, it's an opportunity to plug into some blue chip stocks that have been severely beaten down. Here's a look at three of the best bets among these names.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Mastercard (NYSE: MA) shares were already falling, for the record. They're now down 14% from their early January peak due to a combination of chatter about interest rate caps on credit cards, decreased consumer spending stemming from geopolitical tensions, and fears of new payment competition. Mastercard's management also expressed mild concern during April's first-quarter earnings conference call, prompting investors to ignore the reported earnings beat.
Matters are far more bullish than the bearish reaction suggests, however. Last quarter's top line improved 12% year over year on a similar increase in transactions, driving even stronger earnings growth that ****** ysts expect to persist through this year and next. The stock's pullback is increasingly looking like more of a right-pricing than an indictment of the company's foreseeable future.

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Bilt is known as a credit card for renters, but its latest launch makes homeowners eligible for rewards on mortgage payments, too.
With Bilt 2.0, Bilt has launched three new rewards credit cards with varying annual fees, benefits, and rewards rates. Plus, new Bilt cardholders get an introductory 10.00% APR on new purchases for 12 billing cycles after account opening (see rates & fees).
But there are also some major changes to the program, including how you earn rewards on rent and mortgage payments. Here's what you need to know to decide if a Bilt 2.0 credit card is right for you.
Before this update, earning rewards on rent with the old Bilt Mastercard (no longer available) was relatively straightforward. You could earn 1 point per dollar spent on rent payments with no added transaction fee as long as you made at least five transactions in a statement period with your card.

MA earns toll-like fees without credit risk, posting a 61% operating margin and $8.4 billion in Q1 revenue, which was up 16% year over year.
Mastercard's EPS compounded from $0.13 to $4.60 over 20 years, and the stock has returned 461% over the past decade despite near-term pullbacks.
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Mastercard (NYSE:MA) is a stock worth owning for decades because it sits inside a global payments duopoly that takes a small, recurring toll on a rising tide of digital transactions without ever taking credit risk on the loans those transactions create.
That single sentence is the entire forever thesis. The retirement-focused investor who has watched fads cycle through their portfolio is looking for a business model that does not need a bull market, a new product cycle, or a charismatic founder to keep working. Mastercard qualifies on each count, and the most recent quarter reinforces why.

A common mistake many investors make when looking for dividend stocks is to focus mainly on the yield. A high yield can be enticing, but if it proves unsustainable, it could turn out to be a costly decision. Not only might the dividend get cut or suspended, but the stock may also crash if that happens.
Three dividend stocks that may be underrated due to their low yields but that could be incredibly reliable income investments to hang on to in the future are Microsoft (NASDAQ: MSFT), Eli Lilly (NYSE: LLY), and Mastercard (NYSE: MA). Here's why you should consider buying these stocks for their payouts, even though their yields may look minimal.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Most investors probably aren't buying Microsoft for its dividend; it yields just 0.9%, which is below the S&P 500 average of only 1.1%. But while the yield may look unimpressive, consider that Microsoft has actually been a top dividend growth stock for years.
Currently, it pays $0.91 per share per quarter. A decade ago, however, it was paying just $0.36 -- the dividend has risen by 153% since then, averaging a compounded annual growth rate (CAGR) of just under 10%. Meanwhile, the tech giant's payout ratio remains fairly low at around 21% of earnings. There's still considerable room for it to grow its dividend in the future.

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You probably think of debit cards and credit cards as two totally separate things: One pulls money from your checking account and the other lets you borrow against a line of credit. For the most part, that's correct.
What most people don't realize, however, is that you can choose to use your debit card as "credit" at checkout. That doesn't mean you borrow money to make the purchase, but it does change some aspects of the transaction. Here's what you need to know about running a debit transaction as credit.
If your debit card has a Visa or Mastercard logo on it, you can use it as credit. To do this, you simply choose "credit" on the PIN pad or in the payment options at checkout. Alternatively, if you hand your debit card to a cashier or server, you can tell them you want to pay with credit instead of debit.
Then, instead of providing your PIN to authorize and complete the transaction, you'll probably be asked for your signature — usually if the transaction is over $25.

Circle Internet Group (NYSE: CRCL) wasn't any investor's idea of a good stock buy on Hump Day. Market players aggressively sold out of the stablecoin developer's shares, on the back of a report that several major financial companies are teaming up to develop a competing cryptocurrency. Circle's stock price fell by nearly 11% across that trading session.
Before market open, crypto news and ****** ysis site CoinDesk reported that Visa, Mastercard, and Stripe are on the brink of rolling out a new stablecoin platform. Citing three unnamed individuals "familiar with the plans," the site said a fourth company, crypto exchange operator Coinbase Global, is considering joining.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
All four companies have, to different extents, developed their own stablecoin capabilities. In fact, Coinbase and Circle co-founded the Centre Consortium as a governance body for Circle's USDC. This lasted until 2023, when the two companies agreed to a two-tier revenue split under which they share the coin's reserve interest income.
CoinDesk said that Visa, Stripe, and Coinbase refused to comment on its story. It had not received a response from Mastercard at the time of publication.

Mastercard (NYSE: $MA) is widening its settlement window to nights, weekends and holidays, with Polygon (CRYPTO: $POL) selected as one of the networks carrying the card giant’s onchain settlement push.
The expansion gives issuers and acquirers more flexibility in how they settle card transactions across Mastercard’s global network. The new options include intraday, weekend, and holiday settlement, along with regulated stablecoin settlement that can sit alongside existing fiat processes rather than replace them outright.
Polygon said it has been selected to carry that settlement onchain for Mastercard, placing the network inside a broader group of supported blockchains that also includes Arbitrum (CRYPTO: $ARB), Base (CRYPTO: $BASE), Canton (CRYPTO: $CC), Ethereum (CRYPTO: $ETH), Solana (CRYPTO: $SOL), Tempo and XRPL. Mastercard’s supported stablecoins include Circle’s USDC (CRYPTO: $USDC), Paxos-issued PYUSD (CRYPTO: $PYUSD), USDG and USDP, Ripple’s RLUSD and SoFi’s SoFiUSD.
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US retail sales on Black Friday, the busiest shopping day of the year, climbed 4.1% compared with last year, according to data released Saturday by Mastercard SpendingPulse. Online shoppers alone spent $11.8 billion, up 9.1% from 2024, according to data collection platform Adobe **** ytics.
But those gains don’t account for higher prices due to inflation, so actual spending could be flat.
“We have 3% inflation, so maybe (the 4.1% increase in spending) is a real increase of just 1% or so, which is not that much of an increase,” Rick Newman, who writes The Pinpoint Press, a newsletter on the U