I was asked by a client why we didn't buy him Advanced Micro Devices (AMD). My answer was, because you already own Nvidia.
Broadly speaking, we seek out the leading company in an economic sector that we like, and buy that one, then sit tight.
So, if we are asked why we don't own Mastercard the answer is, because you own Visa.
Here's another good example. Quite a few clients own L'Oréal, which is the largest beauty products company in the world with a 16.1% global market share. The second biggest company in that industry is Estée Lauder with a 13.6% market share. We don't own it.
L'Oréal has been doing well lately, but Estée Lauder has struggled because it overpaid for Tom Ford in 2022. It also had some inventory problems in China.
Take a look at the share price charts in the chart below. In lockstep with each other up to 2023, but since then, a big divergence.