In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche
Discover is taking two huge risks with its America-centric business model. First, most of the economic growth in the foreseeable future will take place outside the USA. Second, I think Discover’s business creates heavy exposure to instability in the American economy.
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My take is that both Visa and MasterCard are overpriced; and headed for a fall, but Discover is not. Visa in particular is on shaky ground because its booming revenue is not translating into net income.
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Discover Financial Services (NYSE: DFS) has long been a contrarian investors’ favorite because its revenue has been growing, even as
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