American Express Analysis
Here is a link (opens PDF) to a 9 page analysis I did of American Express (AXP). Warning: it is a bit dry. I was going to present American Express at Value Investing Congress in Pasadena, but the stock ran up and exhausted a good portion of margin of safety.
Amex is one of the best, most transparent (you can actually analyze it) financial companies I’d want to own in today’s environment. We’ll probably get an opportunity to load up on it in the future, albeit at a lower price.
I ended up presenting my very contrarian case on Joseph A. Bank, 93% of float is short. Here is a link to the full presentation, JOSB starts on slide 31.