$ABNB

Airbnb's moat is durable; hosts are unlikely to leave the platform because of unique inventory, trust/safety features, payment options, and organic user acquisition advantages.

Bullish
“The AI Frenzy in Markets, As Understood by Two Value Investors”
The Intrinsic Value PodcastPublished Oct 1 · 17 passages

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17 passages
17:5990:02

I mean, as you know, Uber, and from that perspective Technically, it was possible Airbnb access to this The field, or at least She had plans to arrive To him.

Also, I don't know how You can see that if you compare All advertising companies, Like Google and Amazon, Airbnb and Uber,

By the way, I think that Booking.com is more likely To be affected by change The radical one from Airbnb, but I I don't look at it from A dual perspective, or rather, a Intelligence perspective Artificial, and its status Current situation and my expectations For his future within ten Years.

Let's talk about Airbnb for a moment, How do you view it now? With real estate agents, For example? I have She also touched on Booking.com, so what do you think? What is the difference between Airbnb and Booking.com?

I think the idea The prevailing view now is that you She says, and that's why My distinction between them is that Airbnb She has houses and apartments And others that are even more distinctive.

Therefore, they have a unique inventory Much more than Booking.com.

If you enter Mews I told them: "I want an apartment in Anywhere, Hawaii for example? "They will be forced to Going through Airbnb as well, Which makes me think, on At the very least, it will not be There is a major change to Airbnb because they still exist The only ones capable To provide that apartment.

Now, the most important question For me, I would like Knowing your opinion about it: How far The probability of having More hosts Their websites Private? Because you have Two options, right?

If you are a host on On Airbnb, you can create Your website Private, and make it less Cost from Airbnb, with Knowing that I am not Confirmed by the laws The organization therefore in US.

I believe this is available in Europe, for example Example.

As for To Mews, I heard that Some say it's a platform Very effective. simply, When you are looking for an apartment on Mews, you will find it displayed on Airbnb, and the platform will tell you herself, whether Booking is cheaper in [location] last.

If you have Your website As a private host, you can Make it a little cheaper, then You can book directly Through it. When found On the apartment on Airbnb, You will benefit from the trust factor And we will talk about trust.

Here, but thanks Reviews on Airbnb, You will know that it is reliable. Therefore, you will not reserve it. On Airbnb, or rather on Their website. Do She believes this represents risk?

Honestly, no. maybe I think of it simply It's intense, but I mean that The most important thing is that you don't You can bring the order with you. Isn't that so? You could Create your website Private electronic, She says, "Okay, I can compete with Airbnb from During my site Private electronic, Therefore, the price was reduced.

Theoretically, It wasn't important in Previous, because it was not Someone to find your house advertisement Because they will go to Airbnb . And no one knows anything About how to display my home For short-term rent, So how will anyone find it?

As you a resource, as someone who owns A house he can show to Airbnb, so you benefit from Airbnb platform for accessing Order collection system Isn't that so? Okay, this It is the important aspect of The matter.

Then you can say Well, in the era Agents, a concept that does not It is still not fully established. Whether we will All of them, not just By shopping, but also With travel bookings, and If that will happen Automatically through an agent .

Yes, all of this is still Under development. But even If that were the case, I think it's easy Ignoring all factors completely The other that enters The agent's decision, such as Price only, because perhaps You can showcase your home, as Learn, Airbnb has a percentage A commission of 13%, isn't that right?

like that? So, perhaps you can Offer your unit with a 13% discount on Airbnb website. theoretically, The agent will search On the entire internet. First, this requires a head A lot of money, isn't it?

Search 100,000 websites Electronic vs. Research On the indexed Airbnb website Carefully, all of this requires Computer resources And exorbitant costs. this One consideration.

Well, as Learn, when you browse website They suggest something to you From Airbnb, you'll find there Purchase protection And to ensure the safety of both the guest And the host.

In addition to Customer service. You will get On all these factors Unrelated to price Which adds to Experience and credibility And the quality of the booking. On the contrary Creating a website My own attempt to create Short-term rent at a price Less than the advertised price On Airbnb.

I don't think that This is realistic. I think the agents And specialists in Real estate will be preferred.

As you know, in the world artificial intelligence, A kind of collective wisdom . As you know, if he stays A thousand people in one place They stayed and performed In his assessment, it was Reviews are exclusive to Airbnb, it would be useful Take advantage of this Information.

And once again, If you book outside of Airbnb, You won't get the same Protection. For example For example, Airbnb launched Recently, the "Book" feature "Now, pay later." So, let's assume you will spend $3000 for a trip. if I booked through another website.

They will ask you to pay advance. Airbnb, as you know She has the ability to Saving an additional amount, So that if the trip After six months, it will not You only pay after six months.

Then again, as you know If you arrive at a place Your stay and you were unable to Entering an Airbnb apartment, Or even contacting As the host, Airbnb has Customer Service Portal Available 24/7 Throughout the week, Ready to help you solve The problem, and perhaps the re- Booking elsewhere, or Finding a solution, or Get your money back.

As for If you book through a person's website Randomly through an agent Because the price was cheaper At 13%, you will not get Any of that. It will not be You have guaranteed customer support.

No refund guarantee Money, and no flexibility in Payment. These are things that seem Simple, but in Reality is extremely important For the travel experience, where Things could go wrong constantly.

Good, I believe that the system Insurance and service Customers and payment flexibility Which Airbnb offers constitute Huge added value.

But, the matter Similar in the same way What I'm thinking about, you have For example, the Airbnb platform, which is As a designed engine To facilitate smooth journeys For millions of people around The world, weekly And monthly, in exchange for The belief that an agent Real estate will be the sole focus.

On the price, and The hosts will take advantage That's why they're trying to put Their properties are outside the platform Airbnb. I think that even if That was what they wanted.

It is unlikely that It is what the customer wants. For the reasons I mentioned Just now, and that's what makes This is because Airbnb It controls demand. And if It controlled the demand, this It also means that she controls On display.

If they They control the show And the demand, it will not be in front of Agents are the only option Book directly through Airbnb Or share links So that people can make a reservation Manually via Airbnb.

Personally, when I booked Through Airbnb, I didn't encounter any Service problem with Airbnb directly without Contact the host. So I think the hosts Generally speaking, for example For example, if they dealt with The matter is via WhatsApp.

They could have done that . I think what you mentioned Also very important, which is Payment system. Presentation Buy Now Option "Pay later" - which is an order Extremely important - cannot Presenting it only on a small scale wide.

It's like a system Amazon Logistics. It's similar to all of those Services that make The product is good, which You don't see it or you don't feel it As a customer, it's part of The product, but in That's the reality.

When You can submit it. I think this is A huge gain, and a company Airbnb, for example, She is capable of that.

I will return to Airbnb. 90% of The visits are organic. I believe This is one of the biggest Advantages of Airbnb compared to Booking.com, where it is necessary They have to pay huge sums of money In exchange for obtaining Potential customers Driven by marketing.

Therefore, they do not possess the same... I don't think the interface The user has a design With the same quality as the Airbnb interface. They also do not possess The same degree of advantage Brand competitiveness Commercial and awareness Customers.

Okay, yes, They don't have much, as Learn more, Airbnb is the platform People's favorites Those looking for places Short-term stay, For example: "I used to rent out a basement My house for renters on "The long term."

And now, I may personally move during Next year, so no I want to sign a contract Long-term lease. Let's see how many people I can rent it out, and how much Money I can get He must do so by renting The basement via Airbnb, on For example.

So, this Not professional operations Where 30 properties are listed On multiple platforms, such as Booking and Airbnb at the same time. The majority of properties on Airbnb is linked to this Small projects. in In these cases, it is estimated Simple people, and the ability to join To one ecosystem, One application, and getting used to it Therefore, as you know, They understand, "With Airbnb, this This is the commission rate, and this It is a treatment method Payments.

That's what Airbnb offers it to people, This is how insurance works. I know that if A guest caused damage My properties, Airbnb It offers insurance worth Specific, in addition To other items.

This It creates a kind of hesitation, Where you will hesitate to say: Well, this is my house. I live in it and I own it. Do I feel comfortable with his presentation On another platform?"

I think Airbnb NB has an advantage also. People simply They love being there. If I'm planning a vacation, Using Airbnb By and searching for places The stay is an enjoyable part From the trip, isn't that right?

I don't want to go to Real estate agent, then I hear From him: "Can you find I need a place to book quickly ? "I actually want to I'm on Airbnb I see all those options. So, I think there are A strong argument that says Air BNP, given Because he owns this stock Unique, exciting location For your information.

And you can Also, to say that Advertising work may They will succeed if they try. This is simple, but as Learn, we often look How to use People for websites Electronic. when I'm considering using I'd like to be on Airbnb On this platform. no I even want to go to I'll use the time and then say, "Can you?

Providing me with two apartments? "I want View all apartments, Seeing her form, and my feelings With it, and everything. This is a Not applicable to Booking.com But it applies to Airbnb. I think this is part of The matter.

What this channel has said about $ABNB

The Intrinsic Value Podcast has 2 calls on this stock; only the adjacent ones are shown.

2026-10-01BullishThis one
I mean, as you know, Uber, and from that perspective Technically, it was possible Airbnb access to this The field, or at least She had plans to arrive To him.
2026-08-20
Should we do maybe Airbnb because I think that should be quick simply because it's one of our largest largest portfolio holdings.
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