A holding is MasterCard (MA). Fording says that the company can grow for years as credit-card use expands rapidly in the emerging markets. "The probability of a multiple expansion is not great, but five years from now, the earnings will be growing at least in the mid-teens," he says.
Another holding is eBay (EBAY). The company is gaining new customers as more retailers use the site to sell products at fixed prices. The eBay marketplace is especially attractive for small businesses that cannot afford the costs of developing their own online operations.
At the time of publication the author held no positions in any of the stocks mentioned.
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