http://marketfolly.disqus.com/Updates on what top hedge funds have been buying and selling. SEC Filings, hedge fund letters, investment conferences and more.enThu, 21 May 2009 01:15:37 -0000http://www.marketfolly.com/2009/05/stephen-mandels-lone-pine-capital-still.html#comment-9699707<p>Hi, Jay.</p><p>Yes, both MC and V have no credit risk. That would be the banks, of course. But with credit card defaults rising that does translate into less purchases and less credit cards issued to consumers, ergo less processing fees for MC and V. I know that in Canada both MC and V are seeking to offset the decline in processing fees by trying to enter into the debit-card industry. The Canadian government wants none of this.</p><p>I apologise for not being too specific.</p><p>edit: Almost forgot... ;) With regards to the American debit-card exposure, American savings---if any, seriously---are at an all-time low.</p><p>edit2: (Darn, I'm slow. Please excuse... it's past one in the morning here.) Visa has a market cap of $50B+. You're right about the high valuation---in a sucker's rally (my opinion), no less.</p>PeterDThu, 21 May 2009 01:15:37 -0000http://www.marketfolly.com/2009/05/stephen-mandels-lone-pine-capital-still.html#comment-9622708<p>Both MA and V have no credit risk which is a big misconception for some reason... no idea why. They are pure payment processors, the "middle men" just like paypal for ebay. I think they might like V more than MA in this environment because V has more debit card exposure. And, in an environment where credit lines are reduced and people are tightening their belts, they're forced to use the debit card rather than credit. Both have somewhat absurd valuation right now though. However, they are a duopoly and have great prospects, especially internationally, as cultures shift from cash to 'plastic' societies.</p>marketfollyThu, 21 May 2009 00:26:48 -0000http://www.marketfolly.com/2009/05/stephen-mandels-lone-pine-capital-still.html#comment-9616949<p>He reduced his MC position but not Visa. Interesting considering that credit card defaults are rising rapidly.</p><p>Note: If you ask, credit card companies more likely than not will reduce the interest rate charge. Moreover, for balance transfers, you can get interest rates as low as 0.99% for up to 6 months! If you ask, of course. Try it, folks. Don't be shy.</p>PeterDThu, 21 May 2009 00:03:51 -0000http://www.marketfolly.com/2009/05/stephen-mandels-lone-pine-capital-still.html#comment-9609254<p>All the information is as reported to the SEC. Scroll down to the bottom where it says SPDR Gold Trust.. they own Calls on it. <a href="http://www.sec.gov/Archives/edgar/data/1061165/000090266409002092/p09-0973form13fhr.txt" rel="nofollow noopener" target="_blank" title="http://www.sec.gov/Archives/edgar/data/1061165/000090266409002092/p09-0973form13fhr.txt">http://www.sec.gov/Archives...</a></p>marketfollyWed, 20 May 2009 21:47:07 -0000http://www.marketfolly.com/2009/05/stephen-mandels-lone-pine-capital-still.html#comment-9593225<p>where do u see lone pine owning gold? i don't see it here.</p>jsWed, 20 May 2009 13:21:22 -0000