David Rosenthal: belief

Transcript context

…Yup. My TLDR on the bear case is the core business matures so that tailwind lessens. The debit networks gets chipped away at. More rails emerge for each use case that, again, has further chipping away at their available use cases, even if not the actual ones that they're using today but the ones that they could go tackle, and the future might get eaten by other people, and they spend bunch of wasted money trying to figure it out. Those were the best bear cases I can come up with. The funniest thing is—we'll thank a bunch of people at the end of the show that we had conversations with—when we would ask people, hey, what's your bear and bull on Visa, basically everyone just gave us a bear case, because they're like, the bull case is obvious. Totally. I think the obvious bull case is, this is just an incredibly powerful network effect that's 50 years in the making, is five-sided, and Lord knows, I can't think of any other five-sided network effects. Riding a secular increasing market.…

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