In the fourth quarter, Guy Spier’s Aquamarine Capital pared back its American Express position by approximately 69%, exiting a significant portion of its previous holding. This move came as the credit-card issuer’s trailing price-to-earnings multiple expanded to roughly 23.6 times last year’s earnings, a valuation level that Spier and his team judged rich compared to historical averages. The sell-off represented one of four major portfolio adjustments in Q4 and highlights growing caution among value investors about exposure to consumer finance at current market prices. For income-seeking and dividend-oriented investors, this reduction signals a potential reappraisal of credit-card stocks’ risk profile, especially given heightened regulatory discussions around interest-rate caps. Going forward, American Express’s management emphasis on cardmember growth and fee income diversification will be key factors for investors monitoring the stock’s long-term return potential.