Visa’s (V) Asset-Light Cash Flow Supports Upside Re-Rating
Source: Insider Monkey ·
PM Capital, an investment management company, released its Q2 2026 investor letter for its “Global Opportunities Fund.” The letter can be downloaded here. Three themes shaped markets in the June quarter: inflation, artificial intelligence (AI), and government policy. Persistent inflation shifted sentiment, as investors increasingly recognized central banks’ difficulty in meeting targets. The AI…
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PM Capital , an investment management company, released its Q2 2026 investor letter for its "Global Opportunities Fund." The letter can be downloaded here . Three themes shaped markets in the June quarter: inflation, artificial intelligence (AI), and government policy. Persistent inflation shifted sentiment, as investors increasingly recognized central banks' difficulty in meeting targets. The AI infrastructure boom lifted growth expectations and investment, echoing the late-1990s TMT boom, while raising concerns about valuation corrections. Government spending amid a cost-of-living crisis added to inflation pressures and complicated the path to lower rates; proposed tax changes could also deter investment. Geopolitical tensions, particularly the US-Israel conflict with Iran, added volatility. Valuation gaps are expected to persist, with long-term returns driven more by valuations than market narratives. In this context, the portfolio gained 12.2% for the quarter, supported by a…