Booking.com was an attractive investment due to its high-quality business being undervalued by the market, which was overly concerned with temporary travel disruptions and potential disintermediation threats from Google and AI.
Source Post
Booking.com Investment Thesis: Navigating COVID and AI Threats | Jonathan Tepper
Sep 21, 2026
The creator discusses the investment thesis for Booking.com, highlighting that the stock was undervalued during COVID due to temporary fears about travel disruptions and potential disintermediation by Google. They argue that these fears, and similar concerns about AI, are unlikely to materialize because travel businesses are complex and platforms like Google and AI agents do not want to handle the operational burdens of being a merchant of record. The creator believes Booking.com's direct traffic growth and operational expertise mitigate these risks.
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