People ask if the pandemic is forcing me to switch away from exclusively investing in travel companies versus opening up our mandate for other industries, to which my response is a resounding NO. Absolutely not; it's more profitable to make travel investments with the industry turning the corner on COVID (tangibly and in sentiment). One notion from last week's discussion with Jean-Francois that particularly...

Every projection --- IMF, World Bank, Industry Analysts, WSJ, Bloomberg  --- I read is not just worse next year, but significantly worse.

Consumers are increasingly opting for “Buy Now, Pay Later” services regarding financing options. These services are exploding in use and will only increase in the months and years ahead. Quick Background These services directly or indirectly use companies such as Affirm, Afterpay, Klarna, and PayPal Credit for consumers to make interest-free installment payments on a purchase over several weeks. These companies are high-tech clearinghouses in...

I am cutting (global) travel industry growth targets by 15% for June/July/August summer travel. GDP growth reduction, skyrocketing inflation, consumer price increases, central bank rate increases and additional contributing factors (staff shortages, low morale..).

I believe we’ll talk about “life before the Metaverse” the way we talk about “life before the Internet”. Not anytime soon but when access to VR devices, bandwidth and content are available; similar to the proliferation of the Internet and and future Metaverse Native generations.