Lorne Steinberg Wealth Management’s Q2 2026 equity letter highlighted American Express, saying its premium brand and rewards program attract affluent consumers and corporate clients with high spending and low credit risk. The letter cited a 20% 10-year annualized return for AmEx.
The strategy said AmEx’s banking model gives it relationships with both cardholders and merchants, unlike Visa and Mastercard. It also cited operating efficiency, dividend growth and share repurchases as strengths.
AmEx closed at $305.66 on Sept. 24, 2026, and was down 8.27% over the month and 10.54% over 52 weeks, according to the article. Its database showed 85 hedge-fund portfolios held shares at the end of Q2, versus 83 in the prior quarter.
