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TLDR

The market is punishing Visa, driving a 9.58% trailing stock decline despite its flawless 97.8% gross profit margin and pristine accounting integrity. While retail investors look at the supreme 50.2% net margins and scream “undervalued,” they are missing the institutional exit.

Berkshire Hathaway completely liquidated its multi-billion dollar stake this year because Visa’s profit engine relies on regressive fee extraction that is drawing an unprecedented, coordinated regulatory attack.