《Booking.com Investment Thesis: Navigating COVID and AI Threats | Jonathan Tepper》
BKNG 是一项高质量业务；其低迷的估值反映的是暂时性的担忧（疫情持续时间、Google 去中介化），而随着直接 App 使用量增长、平台效用保持完好，这些担忧已被证明不成立。
你能解释一下你买入 Booking.com 时的投资逻辑吗？你看到了什么与市场看法不同的地方？就 Booking.com 而言，这非常有意思，因为它不仅仅关乎新冠疫情。很明显，疫情让人们对封锁的持续时间以及旅行受到的中断产生了疑问。
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.