American Express - Investment Thesis

1. Network Effect

More merchants accepting Amex → more consumers want Amex → more merchants accept it. Classic flywheel.

2. Premium Brand

American Express connotes prestige. The "Amex" brand commands loyalty from affluent consumers who spend more.

3. Closed-Loop System

Unlike Visa/MasterCard (four-party), Amex runs a three-party system — they issue cards AND operate the network. Higher economics.

4. Switching Costs

Corporate travel and expense systems are built around Amex. Ch

---

Learn more at American Express