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No. of Recommendations: 1
SYF slammed after losing Walmart to Capital One. Crap! I don't think VL even hinted at this possibility. Walmart is stingy and ruthless so it might not be the end of the world but won't Amazon and others do the same eventually? I suspect they will retain all current cards and just lose forward cards but that is unclear. It's a big account at $10B.

AmericanExpress rebounded after CostCo left. Buffett thought that smart for AmEx, Charlie not so much.

Margin of Safety Seth has 9.5% of his equity port in it with 29m shares. Berkshire has 20M shares. Neither of them sold any while it hit $40. I was scaling down in anticipation that they would.

3 more value investors are in it -- to win it, I assume.

I'm selling all my FB and SHOP to scale back up here. ;)
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