Visa

“In the context of six hundred billion market cap company that Visa is what we do financially is not going to move the needle”

“We're fortunate that, that we don't need to fundraise and we don't really have too much of a portfolio construction overlay, right? Is that we care about financial returns, but you know, our treasurer is not coming to my team, sort of pounding the table for DP…”

“So you have general AI agents. It's very early days, but they will become economic actors. They will buy things. They will sell things. They will you know, conceptually push the button to move money.”

“I give Visa so much money, and I thank them every day for the great network they run, that this is incremental business they have because of our services. So as part of it, they give us lower rates that we pass on to our merchants.”

“It may be lower costs, but I would argue Visa and MasterCard can make the cost practically zero if they wanted to, but their brands offer much more value than just pushing money to someone.”

“And so the Visa brand and MasterCard brands are much more than just a payment rail. They're this consumer warm blanket that created e-commerce. Without those brands, you'd never enter your dark card and have Amazon ship your product.”