Mastercard is one of the largest positions in my portfolio so I’m using this market correction to add the stock to my scorecard. This write-up will be shorter than usual because I think the investment case for Mastercard is simple. MasterCard is the world’s second largest payment network in the world (Visa is the world’s largest) and benefits from network effects and recurring income. Mastercard collects a small fee from connecting merchants, customers and banks with the company processing 150 currencies in more than 210 countries. The company’s costs are mostly fixed costs so increased transactions and revenue will lead to growing profit margins and free cash flow. Operating profit margins have grown from 27% in 2007 to 57% in 2019. Mastercard is a major beneficiary from secular trends such as the rise of e-commerce and electronic payments. Around 80% of the world’s transactions are still settled in cash so...