Letters by company
Visa INC.
12 letters discussing V. Everything written about it on this site is on its ticker page.
- Vltava Fund When Artificial Intelligence Becomes Abundant in Investing, What Will Become Rare? Vltava Fund argues that artificial intelligence will commoditize basic analysis while increasing the value of independent judgment, patience, skepticism and long time horizons. It exited Lam Research, Applied Materials, KLA and Cenovus on valuation concerns, then added Visa and Kaspi.kz for their durable payment-network and ecosystem advantages. second quarter of 2026 AMAT $404BCVE $58BKLAC $261B
- Auxier Asset Management Auxier Report: Summer 2026 Auxier Focus Fund favored AI-infrastructure suppliers including Corning, Nvidia and Dell while warning that debt-funded data-center expansion, leverage and concentrated momentum exposure could reverse sharply. The portfolio also emphasized durable franchises such as Mastercard, Visa, Bank of New York Mellon, Philip Morris and Alphabet, and cited operational AI savings at UnitedHealth and other insurers. Second Quarter 2026 AMZN $2.7TBNY $3.4BDELL $368B
- Dodge & Cox Stock Fund To Our Shareholders Dodge & Cox Stock Fund added Roper Technologies, Visa, Arthur J. Gallagher and Thermo Fisher Scientific while increasing Microsoft, arguing that AI fears, cyclical pressures and regulatory concerns had created valuation opportunities. The fund retained confidence in FIS, Fiserv and Charter Communications despite operational and competitive concerns, maintaining a contrarian tilt toward Financials and Health Care. six-month period ended June 30, 2026 AJG $58BCHTR $13BFIS $18B
- Dodge & Cox Stock Fund Stock Fund Investment Commentary Dodge & Cox Stock Fund established positions in Visa, Thermo Fisher Scientific, and KKR after AI and macro concerns depressed shares of businesses it views as durable franchises. The fund retained conviction in Fidelity National Information Services, Fiserv, and Charter Communications, arguing that valuation declines overstate their long-term risks. second quarter of 2026 KKR-P-D TMO $246BV $696B
- Giverny Capital Annual Letter to our Partners 2025 Giverny Capital sold CarMax after its turnaround faltered and exited Fiserv after leadership changes, weakened guidance and balance-sheet concerns raised risk. The firm retained Constellation Software, arguing its niche vertical software, embedded customer data and acquisition model remain resilient despite AI fears. It cautioned that AI infrastructure spending may produce poor early-investor economics. 2025 CNSWF $43BCNI $71BFISV $24B
- Andrew Hill Investment Advisors The Client Letter Andrew Hill Investment Advisors shifted holdings after technology leadership displaced healthcare and kept client equity exposure below targets pending confirmation of a market bottom. The firm raised bond credit standards, plans to extend maturities, added to GLD, and argues that its core equity holdings balance recession resilience with secular growth and industrial exposure. 1st Quarter 2023 AAPL $4.9TANET $272BDE $179B
- Wedgewood Partners Are Hyperscalers Still Magnificent? Wedgewood increased Alphabet, Amazon, Meta Platforms and Microsoft, arguing that AI capital spending compounds already high-return businesses while their private investments help offset DRAM inflation. The firm initiated Hermès, citing scarce artisan capacity, durable brand equity and pricing power, while maintaining position-size limits amid speculative semiconductor demand. Second Quarter 2026 GOOGL $4.2THMI $152BAMZN $2.7T
- Troy Asset Management Investment Report No.87 January 2026 Troy Multi-Asset Strategy increased equity exposure during the tariff-driven selloff, reduced net dollar exposure and shifted from US TIPS toward UK linkers while shortening duration. It retained gold and liquidity while warning that AI investment economics, private-market valuations and pressure on US funding costs could destabilise markets. the 2025 calendar year —
- RGA Investment Advisors The Great Divide: Why the Stock Market is So Concentrated and Where We Are Finding Opportunities Alphabet anchors the portfolio’s AI thesis, with RGA arguing that its proprietary chips, datacenters, models, consumer distribution and cloud business make it uniquely vertically integrated. Capital One was added after its Discover acquisition, which RGA expects to create a scaled payments network, improve its loan mix and support substantial capital returns. Q3 2025 COF $120BGOOGL $4.2T
- Andrew Hill Investment Advisors 2nd Quarter Recap - Ending Up, After A Wild Ride Andrew Hill Investment Advisors emphasizes AI infrastructure holdings, a laddered high-quality bond strategy and a gold allocation as hedges against tariff, inflation and geopolitical risks. The firm removed Visa in favor of Circle and Fiserv, while adding Yeti, Thermo Scientific and HA Sustainable Infrastructure amid political and tariff-related selling pressure. second quarter of 2025 YETI $2.9B
- Horizon Kinetics 2nd Quarter Commentary Horizon Kinetics argues that index construction concentrates exposure in highly valued technology companies while excluding scarce hard-asset, utility and entrepreneurial opportunities. It favors Japanese owner-operators, centered on Japan Elevator Service Holdings, whose founder-led maintenance model uses technology, training and below-incumbent pricing to gain share from established manufacturers. 2nd Quarter 2025 JPEVF $1.6BAB $3.3BAMZN $2.7T
- Andrew Hill Investment Advisors The Client Letter: Pivoting Investment Strategy Andrew Hill Investment Advisors expects pandemic-driven supply constraints to ease while labor and housing shortages keep longer-term inflation elevated. The firm harvested gains in speculative growth holdings, shifted from Nvidia to Apple, and favors recurring-revenue growth companies, renewable energy, financials and healthcare as Federal Reserve policy tightens. Year to Date (as of December 15, 2021) AAPL $4.9TABBNY $171BABBV $481B
