Listened to CTRP and MA conference calls

CTRP
- earned .25 cents and they are growing well.
- They said they are only 5% market share and 25% market share for the Chinese Airlines.
- Started an limosine service to profit from taxi business
- outperforming their main competitor


MA 23.9 Rev growth
- debit cards are not as profitable as debit signature.
- Processing fees on international charges is two fold charges typically high amounts and currency conversion.
- competitive advantage as a single unified company, not intermediaries
- internationally revs is leading the charge, much more room for growth