American Express issues cards and runs its own payments network, a closed-loop model that captures more economics when its cards are used; it had 155 million cards in use in over 200 countries as of June 30. The article says the stock trades 20% below its December 2025 record and has posted positive fourth-quarter returns in most years since 2020, with double-digit gains in 2020, 2022, 2023 and 2025, though it is up only 1% so far this month. It argues short-term price moves are unpredictable and investors should focus on five years or more. At a forward P/E of 15.1, the stock trades at a 23% discount to the S&P 500's 19.6, while revenue and net income each rose 11% in the second quarter. Management targets 10%-plus revenue growth and mid-teens EPS growth, supported by a 3% reduction in diluted shares over the past 12 months.
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