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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: petal who wrote (78864)	1/12/2026 3:41:27 PM
From: Harshu Vyas	1 Recommendation Recommended By E_K_S Read Replies (2) \| Respond to of 79163

Been thinking about the payments industry itself. Think it's a race to the bottom business. Volumes will rise but margins (on each transaction) will be competed away. Not sure whether this is "winner takes all" (i.e one lowest cost provider) or lots of companies providing the same service. But it's not an industry I want to be in. I'd rather buy a business that can increase prices on consumers, not the reverse. How long it takes for this to happen whilst volumes ramp up is the question. Cos if the market's got the timing wrong there's potential there for the value investor. Otoh, if they're still being quite bullish, investors could be in trouble. But I don't even think that it's predictable. Idk. Could be wrong on how predictable, but I think this is the correct way of framing it :) P.S - haven't found anything remotely interesting in ages. Certainly nothing that's knocked my socks off and punched me in the face. Market's putting me to sleep yawn. (London office REITs are my best idea at a 40% discount to NAV. And that's only cos I struggle to see how the situation worsens - reversal of WFH + real shortage of prime office space means higher rents (offset by interest costs that continue to feed into profits)... but I highly doubt it will be market beating. I'd just rather own it over the market + benefit from some upside as opposed to it sitting in a bank account.)