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P Pitch Archive Stock pitches across investing competitions
← Spring 2012

MasterCard Incorporated

MA position long Tom Russo

Thesis

MasterCard is a preferred investment due to its lower valuation at 12x forward earnings compared to its growth potential. The company has significant international exposure and a new CEO with a strong global background, which positions it well for future growth, especially in emerging markets.

Did it work?

worked confidence: high

The long thesis played out spectacularly: MasterCard returned +4860.8% since the pitch, roughly a 49x gain, decisively confirming the bullish call. The thesis's core drivers — a cheap 12x forward earnings entry point, international/emerging-market growth, and leadership positioned to capture it — were borne out through sustained earnings growth and valuation re-rating. Given the magnitude of the return, the verdict is clear regardless of the unknown elapsed time.