Visa Inc. (V)

Trading at 27x forward earnings. Loves Visa. Its secular growth is fuelled by increasing consumer spending around the world. Plastic payments will continue to overtake cash. A sunny long term here. Apple Pay, for instance, are partnering with cmpanies like Visa, so Visa will benefit from (and not be threatened by) e-payments.

Had owned it for a couple of years. A play from a cash society (particularly in emerging markets) to digital payments. Visa bought Visa Europe and its going to be additive to earnings. Would buy and still like it.

This company is a core holding longer term. It is the play on digital, not bitcoin. They are well positioned, the multiples are good value, and there is 20-30% revenue growth opportunity. If crypto-currency is found to be more secure, this could face headwinds. Yield 0.7%. (Analysts’ price target is $140.72 )

VISA (V-N) vs MasterCard (MA-N)? He would probably look at VISA as it has had a more stable ride.

Visa (V-N) vs Mastercard (MA-N). Which would you buy? Visa is the largest, best player. Mastercard is more international. Visa just bought the European side which adds value. Both track well and perform similarly, but both trade higher than the banks, which could be risky in a volatile market. Both good long-term companies, because there is a move away from cash to electronic payments. Both trade at high multiples. Mastercard has developed technology more aggressively, but has been playing catch up on the international side.

Has a long runway in Asia. The payment economy there is still cash-based, so are enormous possibilities for Visa to grow here. Hong Kong has gone cashless, for instance. Recent sell-off is an opportunity.

(A Top Pick Jan 27/17. Up 49.16%.) At that time, Trump has just gotten the keys and there was a lot of angst in the market, and the market sold off. This was a buying opportunity. The transition to cashless payments is a transition that is continuing to grow on a global scale.

Has owned this over the last 3 years. He likes to invest in structural themes, and people are moving to digital transactions. It’s happening all over the world. This company continues to beat consensus. This is the absolute leader in digital payments.

Having taken most of my money out, how do I know when to sell my last bit, or do I keep hanging on forever as I’m just playing with the house money? This is really the core of investment management. It's a question every investor and investment manager has to understand, come to terms with, and create a disciplined approach to the answer. You have to have a rule-based investment philosophy to allow long-term success. It's not "house money", it's your money. You should think of your profits, not in terms of the relationship with a cost of your investment, but just in absolute terms. It's your money. It doesn't have any less value because you've earned it in the market. Also you shouldn't just be holding on because it is "winning". You have to always be looking at the company in terms of how is it trading today relative to its past, and what might happen in the future. You have to judge a company every day, asking yourself if it is something you would buy today.

A great business. Not a cheap stock. There are probably some concerns in the near term with the hype over crypto currencies and different payment mechanisms replacing Visa. However, the negative sentiments around this are misguided. It’s a great franchise and people are going to continue using credit cards for a long time to come. It’s expensive, but is a type of stock that if there were a pullback in the stock or the market, it's one you would want to step in and buy.

This company is ahead of itself by a fair degree, in terms of its price versus its intrinsic value. As a consequence, this is a speculation from a FMV point of view, and about 40% above FMV. Looking back at the history, the stock and the FMV have had a historic tendency to come together. Earnings are going up at a nice rate, but the stock is going up at a faster rate.

One of his biggest holdings, and would continue to own it. The core volume trends are great. This has a clear runway. It may have a 5% pullback, which would be normal, but it could take a while, so he wouldn't wait.

(A Top Pick Jan 11/17. Up 47%.) Wouldn't necessarily be chasing this one. When it pulled back to $106-$107, she added to new clients’ accounts. A secular play to online e-commerce. In a lot of countries, especially in emerging markets, cash is still the primary form of payment.

The trend is your friend until it ends. This has arched off the trend line. You don't Sell until it starts breaking down. Like the market, the volatility has been very low.

He does not own this or MA-N. They have been a play on consumer spending around the world and have done well. These are not value stocks and he is a value investor. It is a growth investment.