For investors interested in American Express , Visa , or MasterCard -- or, frankly any business -- a key question to ask is how difficult it would be to replicate the company.
That's right, take all your fancy metrics and throw them out the window, because a company without competitive advantage is like a day without sunshine. Well, at least, as far as an investor is concerned.
American Express, in particular, has done a fantastic job strengthening its moat over the years. And today, I'm going to dive into three of the most important advantages for American Express. Read more.
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