No Moss

Prepare for a Multi-Year Decline in Consumer Spending

OK, the end of the world is nigh. No, the world is getting richer and the world is getting smaller. In America, the rich are getting richer and there is a divide between the rich and poor like never before. I think that the growth ahead for Amex is extraordinary. The world wants the high-end customers that Amex brings, and high-end consumers is Asia (especially) want the prestige that Amex brings.

How can you really knock Amex, which is a distinct beneficiary of long-term trends? Great brand, even better business.