“Booking.com Investment Thesis: Navigating COVID and AI Threats | Jonathan Tepper”
BKNG is a high-quality business; its depressed valuation reflected transient fears (pandemic duration, Google disintermediation) that proved unfounded as direct app usage grew and platform utility remained intact.
Can you explain your investment idea regarding Booking.com when you bought it, and what did you see that was different from the market's view of it? For Booking.com, it was really interesting because it wasn't just about Covid.
It is clear that Covid raised questions among people about the duration of the lockdown and the disruption to travel.