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High-quality, non-cyclical compounders like Visa, Mastercard, FICO and S&P Global trade alike because they share a durable-moat logic, and that assumption will likely prove correct long term for many of them. Investors reasoned that durable returns on capital, high growth and a low cost of capital justified almost any multiple while the moat held. Capital following that logic is pulling back, partly on flows and partly on AI terminal-value worries, so the group sells off together. x.com x.comÂ
