Richard Fairbank

They gave guidance that this is going to continue to grow.

I'm going to quote Rich Fairbank.

They said, looking ahead, we expect to lean harder into marketing in 2027, driven by several factors.

We're fully pursuing our origination opportunities, and the window is open across our businesses.

Credit is in very...

Credit is in a very good place, Chief Executive Officer Richard Fairbank said in a call with analysts.

Delinquencies have been kind of moving with seasonality for a few months now, as opposed to beating it.

But all told, we see it in a very good place.

Capital One.

I look at MasterCard and I say, "Okay, I made a big, we made a big investment in Capital One 'cause of Richard Fairbank, but, uh, MasterCard's better." We are betting that they-

They've had nice runs.

Yeah, card stocks.

There's no credit risk.

And this is what pla- you know, this plagues me.

It plagues me, 'cause I say, "Look, I could have MasterCard," but I was banking on Richard Fairbank to integrate Discover and do something.

Yeah.

So I would think those are the big things from an investor standpoint.

You know, they would probably express it a little different, which is, you know, Rich Fairbank, the CEO, has made this famous comment over time about first it was technology is as important as the fire and the wheel, and now it's AI is im- as important as the fire and the wheel.

You know, he really thinks the entire banking industry is becoming a fintech industry, and AI is a massive accelerant to that.

So I think he would kind of listen to my to-do list and laugh a little bit and say, you know, "Those are the outputs you want to see in your spreadsheet." In terms of getting the input right, he's all in on technology and AI right now.

That's what I said today at the club meeting.

Look, Capital One's Richard Fairbank, he's, he's money, and the stock has not done much lately at all after they merged with Discover.

I think it's about to take off, and I gotta tell you, it's the ones that people like.

They like MasterCard and they like Visa.