Buffett, Berkshire's widely followed chairman and CEO, highlighted strength in the industry at this year's annual shareholder meeting in Omaha. "Payments are a huge deal worldwide," Buffett said when asked about American Express, according to CNBC's Warren Buffett Archive. "And you've got all kinds of smart people working at various ways to change the payment arrangements." Berkshire portfolio managers Todd Combs and Ted Weschler made "significant" investments in Visa and Mastercard when the firm already had a bet on American Express. Buffett said the Amex stake didn't preclude him of his portfolio managers from buying others in the industry. "I could have bought [Visa and Mastercard] as well," Buffett said. "If I had been as smart as Ted or Todd, I would have."

https://www.cnbc.com/2018/10/29/berkshires-new-fintech-investments-fit-into-a-classic-buffett-strategy--bet-on-an-entire-industry.html