ABNB is a genuine compounder with a very long runway, added at a lower multiple than its current 38 times earnings; the AI fears that created the entry point have largely faded, the position is up about a third from purchase, and the business has executed better than expected.

For instance, if you look at Airbnb, it's trading at over 38 times earnings Although I I think it is worth noting that we added these businesses at typically lower multiples except in Reddit's case where actually they their growth has been so explosive that they've actually grown into a lower multiple.

Uh but needless to say I I I think I see Airbnb and Reddit similarly to how you see Aritzia as being really compounders with a very long runway.

And then Airbnb has been more of a slow grind up, but it's definitely still up about a third from where we bought it. And so the AI fears that gave us our entry point have largely faded.

And the business has executed better than I expected.