Mastercard global expansion begins, page-50

Yes, but a guy whose future income and wealth (through performance shares) depends on it.

I guess you don't see the building of the business at the back end, to make it scalable and far more user friendly for businesses, along with the huge expansion of MC and signing with Emirates. This takes time.

He is building a brand, with organic growth in revenue, carefully balancing CF against expenditure.

Its still high risk, but you do need a multi-year view with this company and unfortunately this market is not that way inclined.

Lets have the same discussion in another 6-12 months. You may be right we might be. Each to their own research and risk.

Milesy