David Jackson
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Wall Street Breakfast: Must-Know News [View article]
seekingalpha.com/searc...
U.S. Credit Card Industry Moving into Uncharted Territory [View article]
Is it correct that Discover and Amex do carry credit risk?
American Express: Watch the Dividend [View article]
The other comments here actually illustrate an interesting point: the identification of dividends with "value" is questionable. Buffett realized that the best way to deliver long term value is to compound returns, and that explicitly means NOT paying a dividend. And the theoretical arguments for dividends are weak; see:
Why Dividend Paying Stocks are a Mistake
Sharpest Drop in Consumer Credit in 15 Years [View article]
I guess the argument here would be that people can't get home equity loans to replace higher-interest-rate credit card debt. But an alternative explanation would be that this is the beginning of a consumer spending slow-down: first there's a slow-down in big ticket items that require specific loans, such as cars, and then it will spread to smaller items that are paid by credit card.
If the latter is correct, this is a negative lead indicator for AXP and MA.
Would love to hear some input from some people who know the consumer credit market better than I do...