Stock Teardown - Visa Inc (V)
May 27th 2026 7pm BST
The market thinks Visa is a bulletproof digital monopoly with a 66.4% adjusted operating margin. The actual unit economics show client incentives bleeding $4.2B a quarter and a decaying core due to a stagflationary regime, while a bipartisan bill backed by Donald Trump threatens to smash their swipe fee lock-in.
You either believe this regulatory threat is blocked by 2027, or you don't. Join us on Wednesday at 7pm.