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We trimmed Visa and Mastercard today. Nothing broke. Visa earns a 48% net margin and Mastercard 47%, and those are the toll bridges we like to own. But at 31 and 29 times earnings they are the dearest things on our page, and our cash had fallen under 2% of the book. So we sold a little and put the reserve back to five. Everything else we held. Bank of America warned on third quarter fee income. That is weather, not climate. We own these the way a family owns a farm. No called strikes.

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