The Globe and Mail reports in its Saturday edition that money manager Effie Wolle has been buying charge-card player American Express. The Globe's Brenda Bouw writes Amex is a stock he bought for his GFI Investment Counsel in May, 2024, for $243 (U.S.) a share (now $325 (U.S.)). GFI oversees $2.25-billion in assets. Mr. Wolle calls Amex "a luxury credit card for the more affluent consumer. It's a bit of a status symbol, and customers willingly pay higher fees to use an Amex card. It has an earnings yield [the amount of its earnings per share relative to its current share price] of about 5 per cent, which shareholders get back through either dividends, share buybacks or future growth. When you combine its earnings yield with its business growth, we think investors can get a low double-digit return over time. It's going to be bumpy sometimes ... there will be consumer spending slowdowns. But we think it's an excellent longer-term holding." GFI's all-equities portfolio, which usually includes about 18 to 20 North American-based stocks, has returned 2.5 per cent so far this year and 8.6 per cent over the past 12 months. Its annualized three-year return is 17.9 per cent, while its 10-year annualized return is 14.4 per cent.