Reduce AXP to ≤1.5% of portfolio weight (below benchmark 2-3%) by trimming at current levels around $340-341 rather than attempting to time a bounce to higher levels. Re-engage with a position increase to ~2% on a sustained close above $364 with volume, or close entirely on a breakdown below $326 with volume. Q3 2026 earnings serves as the key catalyst for thesis re-evaluation, with Visa/MA relative performance and Berkshire 13F filings as cross-signals to monitor.