The travel industry is NOT experiencing the case of "rising tides lift all boats"; the tide (for the travel industry) isn't rising that fast, nor as broadly, to warrant this characterization, in my opinion, as of Sep 2022. At the moment and in the future, successfully investing in travel requires an experienced travel industry veteran point of view to know where to invest and...

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..).