Offshore
Photo
Dimitry Nakhla | Babylon Capital®
It may have been easy to gloss over management’s comments on pricing power in Mastercard’s latest report.
$MA now derives nearly half (~44%) of total revenue from Value-Added Services & Solutions — a substantial amount of non-payment network revenue for a company still often viewed as a “payments” business.
CFO Sachin Mehra noted VAS growth was:
“Primarily driven by strong demand across digital & authentication, security solutions, consumer acquisition & engagement, and business & market insights — 𝙖𝙨 𝙬𝙚𝙡𝙡 𝙖𝙨 𝙥𝙧𝙞𝙘𝙞𝙣𝙜.”
Mehra further emphasized pricing is a function of delivering incremental customer value via new products, enhancements, and solution expansions — and then embedding that value into forecasts.
Notably, VAS is $MA fastest-growing segment, with 𝙛𝙤𝙪𝙧 𝙘𝙤𝙣𝙨𝙚𝙘𝙪𝙩𝙞𝙫𝙚 𝙦𝙪𝙖𝙧𝙩𝙚𝙧𝙨 𝙤𝙛 𝙔𝙤𝙔 𝙖𝙘𝙘𝙚𝙡𝙚𝙧𝙖𝙩𝙞𝙤𝙣.
𝘐𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴 𝘤𝘰𝘯𝘵𝘪𝘯𝘶𝘦 𝘵𝘰 𝘶𝘯𝘥𝘦𝘳𝘦𝘴𝘵𝘪𝘮𝘢𝘵𝘦 𝘵𝘩𝘦 𝘭𝘢𝘵𝘦𝘯𝘤𝘺 𝘢𝘯𝘥 𝘥𝘶𝘳𝘢𝘣𝘪𝘭𝘪𝘵𝘺 𝘰𝘧 𝘱𝘳𝘪𝘤𝘪𝘯𝘨 𝘱𝘰𝘸𝘦𝘳 𝘦𝘮𝘣𝘦𝘥𝘥𝘦𝘥 𝘪𝘯𝘴𝘪𝘥𝘦 𝘔𝘢𝘴𝘵𝘦𝘳𝘤𝘢𝘳𝘥’𝘴 𝘦𝘹𝘱𝘢𝘯𝘥𝘪𝘯𝘨 𝘝𝘈𝘚 𝘱𝘭𝘢𝘵𝘧𝘰𝘳𝘮.
tweet
It may have been easy to gloss over management’s comments on pricing power in Mastercard’s latest report.
$MA now derives nearly half (~44%) of total revenue from Value-Added Services & Solutions — a substantial amount of non-payment network revenue for a company still often viewed as a “payments” business.
CFO Sachin Mehra noted VAS growth was:
“Primarily driven by strong demand across digital & authentication, security solutions, consumer acquisition & engagement, and business & market insights — 𝙖𝙨 𝙬𝙚𝙡𝙡 𝙖𝙨 𝙥𝙧𝙞𝙘𝙞𝙣𝙜.”
Mehra further emphasized pricing is a function of delivering incremental customer value via new products, enhancements, and solution expansions — and then embedding that value into forecasts.
Notably, VAS is $MA fastest-growing segment, with 𝙛𝙤𝙪𝙧 𝙘𝙤𝙣𝙨𝙚𝙘𝙪𝙩𝙞𝙫𝙚 𝙦𝙪𝙖𝙧𝙩𝙚𝙧𝙨 𝙤𝙛 𝙔𝙤𝙔 𝙖𝙘𝙘𝙚𝙡𝙚𝙧𝙖𝙩𝙞𝙤𝙣.
𝘐𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴 𝘤𝘰𝘯𝘵𝘪𝘯𝘶𝘦 𝘵𝘰 𝘶𝘯𝘥𝘦𝘳𝘦𝘴𝘵𝘪𝘮𝘢𝘵𝘦 𝘵𝘩𝘦 𝘭𝘢𝘵𝘦𝘯𝘤𝘺 𝘢𝘯𝘥 𝘥𝘶𝘳𝘢𝘣𝘪𝘭𝘪𝘵𝘺 𝘰𝘧 𝘱𝘳𝘪𝘤𝘪𝘯𝘨 𝘱𝘰𝘸𝘦𝘳 𝘦𝘮𝘣𝘦𝘥𝘥𝘦𝘥 𝘪𝘯𝘴𝘪𝘥𝘦 𝘔𝘢𝘴𝘵𝘦𝘳𝘤𝘢𝘳𝘥’𝘴 𝘦𝘹𝘱𝘢𝘯𝘥𝘪𝘯𝘨 𝘝𝘈𝘚 𝘱𝘭𝘢𝘵𝘧𝘰𝘳𝘮.
tweet
Offshore
Photo
Dimitry Nakhla | Babylon Capital®
It may have been easy to gloss over management’s comments on pricing power in Mastercard’s latest report.
$MA now derives nearly half (~44%) of total revenue from Value-Added Services & Solutions — a substantial amount of non-payment network revenue for a company still often viewed as a “payments” business.
CFO Sachin Mehra noted VAS growth was:
“Primarily driven by strong demand across digital & authentication, security solutions, consumer acquisition & engagement, and business & market insights — 𝙖𝙨 𝙬𝙚𝙡𝙡 𝙖𝙨 𝙥𝙧𝙞𝙘𝙞𝙣𝙜.”
Mehra further emphasized pricing is a function of delivering incremental customer value via new products, enhancements, and solution expansions — and then embedding that value into forecasts.
Notably, VAS is $MA fastest-growing segment, with 𝙛𝙤𝙪𝙧 𝙘𝙤𝙣𝙨𝙚𝙘𝙪𝙩𝙞𝙫𝙚 𝙦𝙪𝙖𝙧𝙩𝙚𝙧𝙨 𝙤𝙛 𝙔𝙤𝙔 𝙖𝙘𝙘𝙚𝙡𝙚𝙧𝙖𝙩𝙞𝙤𝙣.
𝘐𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴 𝘤𝘰𝘯𝘵𝘪𝘯𝘶𝘦 𝘵𝘰 𝘶𝘯𝘥𝘦𝘳𝘦𝘴𝘵𝘪𝘮𝘢𝘵𝘦 𝘵𝘩𝘦 𝘭𝘢𝘵𝘦𝘯𝘤𝘺 𝘢𝘯𝘥 𝘥𝘶𝘳𝘢𝘣𝘪𝘭𝘪𝘵𝘺 𝘰𝘧 𝘱𝘳𝘪𝘤𝘪𝘯𝘨 𝘱𝘰𝘸𝘦𝘳 𝘦𝘮𝘣𝘦𝘥𝘥𝘦𝘥 𝘪𝘯𝘴𝘪𝘥𝘦 𝘔𝘢𝘴𝘵𝘦𝘳𝘤𝘢𝘳𝘥’𝘴 𝘦𝘹𝘱𝘢𝘯𝘥𝘪𝘯𝘨 𝘝𝘈𝘚 𝘱𝘭𝘢𝘵𝘧𝘰𝘳𝘮.
tweet
It may have been easy to gloss over management’s comments on pricing power in Mastercard’s latest report.
$MA now derives nearly half (~44%) of total revenue from Value-Added Services & Solutions — a substantial amount of non-payment network revenue for a company still often viewed as a “payments” business.
CFO Sachin Mehra noted VAS growth was:
“Primarily driven by strong demand across digital & authentication, security solutions, consumer acquisition & engagement, and business & market insights — 𝙖𝙨 𝙬𝙚𝙡𝙡 𝙖𝙨 𝙥𝙧𝙞𝙘𝙞𝙣𝙜.”
Mehra further emphasized pricing is a function of delivering incremental customer value via new products, enhancements, and solution expansions — and then embedding that value into forecasts.
Notably, VAS is $MA fastest-growing segment, with 𝙛𝙤𝙪𝙧 𝙘𝙤𝙣𝙨𝙚𝙘𝙪𝙩𝙞𝙫𝙚 𝙦𝙪𝙖𝙧𝙩𝙚𝙧𝙨 𝙤𝙛 𝙔𝙤𝙔 𝙖𝙘𝙘𝙚𝙡𝙚𝙧𝙖𝙩𝙞𝙤𝙣.
𝘐𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴 𝘤𝘰𝘯𝘵𝘪𝘯𝘶𝘦 𝘵𝘰 𝘶𝘯𝘥𝘦𝘳𝘦𝘴𝘵𝘪𝘮𝘢𝘵𝘦 𝘵𝘩𝘦 𝘭𝘢𝘵𝘦𝘯𝘤𝘺 𝘢𝘯𝘥 𝘥𝘶𝘳𝘢𝘣𝘪𝘭𝘪𝘵𝘺 𝘰𝘧 𝘱𝘳𝘪𝘤𝘪𝘯𝘨 𝘱𝘰𝘸𝘦𝘳 𝘦𝘮𝘣𝘦𝘥𝘥𝘦𝘥 𝘪𝘯𝘴𝘪𝘥𝘦 𝘔𝘢𝘴𝘵𝘦𝘳𝘤𝘢𝘳𝘥’𝘴 𝘦𝘹𝘱𝘢𝘯𝘥𝘪𝘯𝘨 𝘝𝘈𝘚 𝘱𝘭𝘢𝘵𝘧𝘰𝘳𝘮.
tweet
Offshore
Video
Dimitry Nakhla | Babylon Capital®
RT @DimitryNakhla: Chris Hohn on what makes a great investor:
𝟏. 𝐅𝐮𝐧𝐝𝐚𝐦𝐞𝐧𝐭𝐚𝐥 𝐚𝐩𝐩𝐫𝐨𝐚𝐜𝐡
𝟐. 𝐋𝐨𝐧𝐠-𝐭𝐞𝐫𝐦𝐢𝐬𝐦
𝟑. 𝐂𝐨𝐧𝐜𝐞𝐧𝐭𝐫𝐚𝐭𝐢𝐨𝐧
𝟒. 𝐈𝐧𝐭𝐮𝐢𝐭𝐢𝐨𝐧
Each one matters on its own — together, they’re powerful:
___
𝟏. 𝐅𝐮𝐧𝐝𝐚𝐦𝐞𝐧𝐭𝐚𝐥 𝐚𝐩𝐩𝐫𝐨𝐚𝐜𝐡
“I was always willing to look at the company fundamentals and not try to guess the stock market… I was always fundamental. Most investors are not fundamental… they look at data points, they say what’s the catalyst, they don’t really know what the company does.”
𝐋𝐞𝐬𝐬𝐨𝐧: When business quality and fundamentals are your North Star, price volatility becomes noise.
As Benjamin Graham famously said:
“In the short run, the market is a voting machine. In the long run, it is a weighing machine.”
𝘍𝘶𝘯𝘥𝘢𝘮𝘦𝘯𝘵𝘢𝘭𝘴 𝘦𝘷𝘦𝘯𝘵𝘶𝘢𝘭𝘭𝘺 𝘸𝘪𝘯. 𝘖𝘸𝘯𝘪𝘯𝘨 𝘨𝘳𝘦𝘢𝘵 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴𝘦𝘴 𝘮𝘢𝘬𝘦𝘴 𝘪𝘵 𝘦𝘢𝘴𝘪𝘦𝘳 𝘵𝘰 𝘴𝘵𝘢𝘺 𝘳𝘢𝘵𝘪𝘰𝘯𝘢𝘭.
___
𝟐. 𝐋𝐨𝐧𝐠-𝐭𝐞𝐫𝐦𝐢𝐬𝐦
“Long-termism is key.”
𝐋𝐞𝐬𝐬𝐨𝐧: Time is an underappreciated risk reducer. The longer you own a high-quality business, the greater the odds the fundamentals overwhelm short-term price swings.
Most investors drastically underestimate how powerful it is to own a company that can compound earnings and free cash flow at attractive rates for many years.
𝘓𝘰𝘯𝘨-𝘵𝘦𝘳𝘮𝘪𝘴𝘮 𝘢𝘭𝘭𝘰𝘸𝘴 𝘵𝘩𝘦 𝘸𝘦𝘪𝘨𝘩𝘪𝘯𝘨 𝘮𝘢𝘤𝘩𝘪𝘯𝘦 𝘵𝘰 𝘥𝘰 𝘪𝘵𝘴 𝘸𝘰𝘳𝘬.
___
𝟑. 𝐂𝐨𝐧𝐜𝐞𝐧𝐭𝐫𝐚𝐭𝐢𝐨𝐧
“We’ve owned a few things — 10 stocks, 15 stocks. We don’t own a hundred things.”
𝐋𝐞𝐬𝐬𝐨𝐧: Concentration forces you to bet on your best ideas.
Stanley Druckenmiller often references what George Soros taught him:
“It’s not whether you’re right or wrong, but how much money you make when you’re right and how much you lose when you’re wrong.”
And Warren Buffett’s punch card concept: If you only had a limited number of decisions in your lifetime, you wouldn’t waste them on your 20th-best idea.
𝘊𝘰𝘯𝘤𝘦𝘯𝘵𝘳𝘢𝘵𝘪𝘰𝘯 + 𝘲𝘶𝘢𝘭𝘪𝘵𝘺 = 𝘢𝘴𝘺𝘮𝘮𝘦𝘵𝘳𝘺.
___
𝟒. 𝐈𝐧𝐭𝐮𝐢𝐭𝐢𝐨𝐧
“Another key point is intuition. We work with intuition.”
𝐋𝐞𝐬𝐬𝐨𝐧: Intuition isn’t guessing — it’s pattern recognition built from deep, repeated study.
After analyzing hundreds of businesses, you begin to recognize structural similarities: pricing power, switching costs, regulatory embedment, network effects, installed bases.
𝘋𝘪𝘧𝘧𝘦𝘳𝘦𝘯𝘵 𝘪𝘯𝘥𝘶𝘴𝘵𝘳𝘪𝘦𝘴. 𝘚𝘢𝘮𝘦 𝘶𝘯𝘥𝘦𝘳𝘭𝘺𝘪𝘯𝘨 𝘦𝘤𝘰𝘯𝘰𝘮𝘪𝘤𝘴.
___
𝐁𝐨𝐭𝐭𝐨𝐦 𝐥𝐢𝐧𝐞: 𝘎𝘳𝘦𝘢𝘵 𝘪𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨 𝘪𝘴𝘯’𝘵 𝘢𝘣𝘰𝘶𝘵 𝘱𝘳𝘦𝘥𝘪𝘤𝘵𝘪𝘯𝘨 𝘮𝘢𝘳𝘬𝘦𝘵𝘴. 𝘙𝘢𝘵𝘩𝘦𝘳, 𝘪𝘵’𝘴 𝘢𝘣𝘰𝘶𝘵 𝘥𝘦𝘦𝘱𝘭𝘺 𝘶𝘯𝘥𝘦𝘳𝘴𝘵𝘢𝘯𝘥𝘪𝘯𝘨 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴𝘦𝘴, 𝘩𝘰𝘭𝘥𝘪𝘯𝘨 𝘵𝘩𝘦𝘮 𝘧𝘰𝘳 𝘢 𝘭𝘰𝘯𝘨 𝘵𝘪𝘮𝘦, 𝘤𝘰𝘯𝘤𝘦𝘯𝘵𝘳𝘢𝘵𝘪𝘯𝘨 𝘪𝘯 𝘺𝘰𝘶𝘳 𝘣𝘦𝘴𝘵 𝘪𝘥𝘦𝘢𝘴, 𝘢𝘯𝘥 𝘭𝘦𝘵𝘵𝘪𝘯𝘨 𝘦𝘹𝘱𝘦𝘳𝘪𝘦𝘯𝘤𝘦 𝘴𝘩𝘢𝘳𝘱𝘦𝘯 𝘺𝘰𝘶𝘳 𝘫𝘶𝘥𝘨𝘮𝘦𝘯𝘵.
Video: In Good Company | Norges Bank Investment Management (05/14/2025)
tweet
RT @DimitryNakhla: Chris Hohn on what makes a great investor:
𝟏. 𝐅𝐮𝐧𝐝𝐚𝐦𝐞𝐧𝐭𝐚𝐥 𝐚𝐩𝐩𝐫𝐨𝐚𝐜𝐡
𝟐. 𝐋𝐨𝐧𝐠-𝐭𝐞𝐫𝐦𝐢𝐬𝐦
𝟑. 𝐂𝐨𝐧𝐜𝐞𝐧𝐭𝐫𝐚𝐭𝐢𝐨𝐧
𝟒. 𝐈𝐧𝐭𝐮𝐢𝐭𝐢𝐨𝐧
Each one matters on its own — together, they’re powerful:
___
𝟏. 𝐅𝐮𝐧𝐝𝐚𝐦𝐞𝐧𝐭𝐚𝐥 𝐚𝐩𝐩𝐫𝐨𝐚𝐜𝐡
“I was always willing to look at the company fundamentals and not try to guess the stock market… I was always fundamental. Most investors are not fundamental… they look at data points, they say what’s the catalyst, they don’t really know what the company does.”
𝐋𝐞𝐬𝐬𝐨𝐧: When business quality and fundamentals are your North Star, price volatility becomes noise.
As Benjamin Graham famously said:
“In the short run, the market is a voting machine. In the long run, it is a weighing machine.”
𝘍𝘶𝘯𝘥𝘢𝘮𝘦𝘯𝘵𝘢𝘭𝘴 𝘦𝘷𝘦𝘯𝘵𝘶𝘢𝘭𝘭𝘺 𝘸𝘪𝘯. 𝘖𝘸𝘯𝘪𝘯𝘨 𝘨𝘳𝘦𝘢𝘵 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴𝘦𝘴 𝘮𝘢𝘬𝘦𝘴 𝘪𝘵 𝘦𝘢𝘴𝘪𝘦𝘳 𝘵𝘰 𝘴𝘵𝘢𝘺 𝘳𝘢𝘵𝘪𝘰𝘯𝘢𝘭.
___
𝟐. 𝐋𝐨𝐧𝐠-𝐭𝐞𝐫𝐦𝐢𝐬𝐦
“Long-termism is key.”
𝐋𝐞𝐬𝐬𝐨𝐧: Time is an underappreciated risk reducer. The longer you own a high-quality business, the greater the odds the fundamentals overwhelm short-term price swings.
Most investors drastically underestimate how powerful it is to own a company that can compound earnings and free cash flow at attractive rates for many years.
𝘓𝘰𝘯𝘨-𝘵𝘦𝘳𝘮𝘪𝘴𝘮 𝘢𝘭𝘭𝘰𝘸𝘴 𝘵𝘩𝘦 𝘸𝘦𝘪𝘨𝘩𝘪𝘯𝘨 𝘮𝘢𝘤𝘩𝘪𝘯𝘦 𝘵𝘰 𝘥𝘰 𝘪𝘵𝘴 𝘸𝘰𝘳𝘬.
___
𝟑. 𝐂𝐨𝐧𝐜𝐞𝐧𝐭𝐫𝐚𝐭𝐢𝐨𝐧
“We’ve owned a few things — 10 stocks, 15 stocks. We don’t own a hundred things.”
𝐋𝐞𝐬𝐬𝐨𝐧: Concentration forces you to bet on your best ideas.
Stanley Druckenmiller often references what George Soros taught him:
“It’s not whether you’re right or wrong, but how much money you make when you’re right and how much you lose when you’re wrong.”
And Warren Buffett’s punch card concept: If you only had a limited number of decisions in your lifetime, you wouldn’t waste them on your 20th-best idea.
𝘊𝘰𝘯𝘤𝘦𝘯𝘵𝘳𝘢𝘵𝘪𝘰𝘯 + 𝘲𝘶𝘢𝘭𝘪𝘵𝘺 = 𝘢𝘴𝘺𝘮𝘮𝘦𝘵𝘳𝘺.
___
𝟒. 𝐈𝐧𝐭𝐮𝐢𝐭𝐢𝐨𝐧
“Another key point is intuition. We work with intuition.”
𝐋𝐞𝐬𝐬𝐨𝐧: Intuition isn’t guessing — it’s pattern recognition built from deep, repeated study.
After analyzing hundreds of businesses, you begin to recognize structural similarities: pricing power, switching costs, regulatory embedment, network effects, installed bases.
𝘋𝘪𝘧𝘧𝘦𝘳𝘦𝘯𝘵 𝘪𝘯𝘥𝘶𝘴𝘵𝘳𝘪𝘦𝘴. 𝘚𝘢𝘮𝘦 𝘶𝘯𝘥𝘦𝘳𝘭𝘺𝘪𝘯𝘨 𝘦𝘤𝘰𝘯𝘰𝘮𝘪𝘤𝘴.
___
𝐁𝐨𝐭𝐭𝐨𝐦 𝐥𝐢𝐧𝐞: 𝘎𝘳𝘦𝘢𝘵 𝘪𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨 𝘪𝘴𝘯’𝘵 𝘢𝘣𝘰𝘶𝘵 𝘱𝘳𝘦𝘥𝘪𝘤𝘵𝘪𝘯𝘨 𝘮𝘢𝘳𝘬𝘦𝘵𝘴. 𝘙𝘢𝘵𝘩𝘦𝘳, 𝘪𝘵’𝘴 𝘢𝘣𝘰𝘶𝘵 𝘥𝘦𝘦𝘱𝘭𝘺 𝘶𝘯𝘥𝘦𝘳𝘴𝘵𝘢𝘯𝘥𝘪𝘯𝘨 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴𝘦𝘴, 𝘩𝘰𝘭𝘥𝘪𝘯𝘨 𝘵𝘩𝘦𝘮 𝘧𝘰𝘳 𝘢 𝘭𝘰𝘯𝘨 𝘵𝘪𝘮𝘦, 𝘤𝘰𝘯𝘤𝘦𝘯𝘵𝘳𝘢𝘵𝘪𝘯𝘨 𝘪𝘯 𝘺𝘰𝘶𝘳 𝘣𝘦𝘴𝘵 𝘪𝘥𝘦𝘢𝘴, 𝘢𝘯𝘥 𝘭𝘦𝘵𝘵𝘪𝘯𝘨 𝘦𝘹𝘱𝘦𝘳𝘪𝘦𝘯𝘤𝘦 𝘴𝘩𝘢𝘳𝘱𝘦𝘯 𝘺𝘰𝘶𝘳 𝘫𝘶𝘥𝘨𝘮𝘦𝘯𝘵.
Video: In Good Company | Norges Bank Investment Management (05/14/2025)
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Offshore
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The Transcript
$MA Mastercard CEO: "My headline for you today, we continue to deliver and 2025 was another very strong year..We delivered strong performance in 2025 with full year net revenue growth of 21% or 18% excluding acquisitions year-over-year on a currency-neutral basis. This growth was broad-based with consistently strong growth across regions and product groups"
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$MA Mastercard CEO: "My headline for you today, we continue to deliver and 2025 was another very strong year..We delivered strong performance in 2025 with full year net revenue growth of 21% or 18% excluding acquisitions year-over-year on a currency-neutral basis. This growth was broad-based with consistently strong growth across regions and product groups"
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Offshore
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Brady Long
RT @thisguyknowsai: I collected every Claude prompt that went viral on Reddit, X, and research communities.
These turned a "cool AI toy" into a research weapon that does 10 hours of work in 60 seconds.
13 copy-paste prompts. Zero fluff. https://t.co/w7obAXVZX9
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RT @thisguyknowsai: I collected every Claude prompt that went viral on Reddit, X, and research communities.
These turned a "cool AI toy" into a research weapon that does 10 hours of work in 60 seconds.
13 copy-paste prompts. Zero fluff. https://t.co/w7obAXVZX9
tweet
Offshore
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Dimitry Nakhla | Babylon Capital®
Ferrari is in its largest drawdown since IPO, down -42% from highs, yet still a +21% CAGR since IPO 🏎️
$RACE NTM P/E approaching <30x — a level $RACE hasn’t spent much time at historically https://t.co/OtCH2JeaaW
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Ferrari is in its largest drawdown since IPO, down -42% from highs, yet still a +21% CAGR since IPO 🏎️
$RACE NTM P/E approaching <30x — a level $RACE hasn’t spent much time at historically https://t.co/OtCH2JeaaW
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