Letters by Topic
Letters Mentioning Visa
Letters from Berkshire's shareholder communications that mention Visa.
2011·Admiration for the payments duopoly
A payments network with enormous [operating leverage](/concepts/operating-leverage) is the kind of capital-light business we admire.
2017·Toll-road economics of card networks
The economics of a toll-road network—taking a tiny slice of every transaction with almost no incremental cost—are extraordinary.