$ABNB

Airbnb 的护城河具有持久性;凭借独特的房源、信任与安全功能、支付选项以及自然获客优势,房东不太可能离开该平台。

看涨
《The AI Frenzy in Markets, As Understood by Two Value Investors》
The Intrinsic Value Podcast发布 2026-10-01 · 17 段内容
17:59/ —打开原视频

逐段跳播

17 段内容
17:5990:02

我的意思是,如你所知,Uber,从这个角度看,从技术上讲,Airbnb 有可能进入这个领域,或者至少她有计划去触及它。

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.

另外,我不知道你如何能看出这一点,如果你把所有广告公司都拿来比较,比如 Google 和 Amazon、Airbnb 和 Uber,

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

顺便说一句,我认为 Booking.com 更有可能受到 Airbnb 带来的那种根本性变化的冲击,但我并不是从双重视角来看待它,或者更确切地说,是从人工智能的视角,以及它的现状和我对它未来十年内的预期。

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.

我们谈一会儿 Airbnb 吧,你现在怎么看它?比如和房地产经纪人相比?我也谈到了 Booking.com,那么你怎么看?Airbnb 和 Booking.com 之间的区别是什么?

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?

我认为现在主流的看法是,正如她所说,而这也是我对它们做出区分的原因:Airbnb 拥有房屋和公寓,以及其他更具特色的房源。因此,它们拥有的独特库存远多于 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.

如果你进入 Mews,我对他们说:“我想要一套公寓,在任何地方,比如夏威夷?”他们也将被迫通过 Airbnb,这让我认为,至少不会有重大变化发生在 Airbnb 身上,因为他们仍然是唯一能够提供那套公寓的一方。

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.

现在,对我来说最重要的问题,我想知道你的看法:房东拥有自己私人网站的可能性有多大?因为你有两个选择,对吧?如果你是 Airbnb 上的房东,你可以创建自己的私人网站,并降低来自 Airbnb 的成本,同时要知道我并未得到法律机构的确认,因此在美国。我相信这在欧洲是可以的,比如。

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.

至于 Mews,我听说有些人说它是一个非常有效的平台。简单来说,当你在 Mews 上寻找公寓时,你会发现它展示在 Airbnb 上,而平台自己会告诉你,在[地点]最后 Booking 是否更便宜。

如果你作为私人房东拥有自己的网站,你可以把它做得稍微便宜一点,然后你可以直接通过它预订。当在 Airbnb 上找到那套公寓时,你将受益于信任因素,我们稍后会谈到信任。在这里,但多亏了 Airbnb 上的评价,你会知道它是可靠的。

因此,你不会在 Airbnb 上预订它,或者更确切地说,是在他们的网站上。她认为这代表着风险吗?

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?

老实说,不会。也许我只是觉得这很激烈,但我的意思是,最重要的一点是你无法把订单带走。不是这样吗?你可以创建自己的私人电子网站,她说:“好吧,我可以在我的私人电子网站上与 Airbnb 竞争,因此价格降低了。”

从理论上讲,这在以前并不重要,因为没有人会去找你的房屋广告,因为他们会去 Airbnb。而且没有人知道如何展示我的房屋用于短租,那么别人怎么会找到它呢?作为你的一种资源,作为一个拥有房屋、可以展示给 Airbnb 的人,你受益于 Airbnb 平台,从而接入订单收集系统,不是这样吗?好,这就是这件事的重要方面。

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.

然后你可以说,好吧,在代理人的时代,一个尚未完全确立的概念。我们是否都会如此,不仅仅是通过购物,还包括旅行预订,以及这是否会通过代理人自动发生。是的,所有这些仍在发展之中。但即便情况如此,我认为很容易完全忽略进入代理人决策的所有其他因素,比如只有价格,因为也许你可以展示你的房屋,如你所知,Airbnb 有 13% 的佣金,对吧?

是这样吗?所以,也许你可以在 Airbnb 网站上以 13% 的折扣提供你的房源。从理论上讲,代理人会在整个互联网上搜索。首先,这需要一大笔钱,不是吗?搜索 10 万个电子网站,对比在已索引的 Airbnb 网站上仔细搜索,所有这些都需要计算机资源和高昂的成本。这是一个考虑因素。

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.

好吧,如你所知,当你浏览网站时,他们会向你推荐一些来自 Airbnb 的东西,你会发现那里有购买保护,并确保客人和房东双方的安全。此外还有客户服务。你会在所有这些与价格无关的因素上得到保障,这些因素增加了体验、可信度以及预订的质量。

相反,创建我自己的网站,试图以低于 Airbnb 上公布价格的价格创建短租。我认为这不现实。我认为代理人和房地产专家会更受青睐。

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.

如你所知,在人工智能的世界里,这是一种集体智慧。如你所知,如果一千个人留在同一个地方,他们留下来并在他的评估中做出表现,那是 Airbnb 独有的评价,利用这些信息会很有用。再说一次,如果你在 Airbnb 之外预订,你不会得到同样的保护。

例如,Airbnb 最近推出了“先预订,后付款”功能。所以,假设你将为一次旅行花费 3000 美元。如果我通过另一个网站预订。他们会要求你提前付款。Airbnb,如你所知,她有能力节省额外金额,这样如果旅行在六个月后,你只需在六个月后付款。

再说一次,如你所知,如果你到达一个地方住宿,却无法进入 Airbnb 公寓,甚至无法联系到房东,Airbnb 有客户服务门户,全天候 24/7 每周可用,随时准备帮你解决问题,也许是在别处重新预订,或者找到解决方案,或者拿回你的钱。

至于如果你通过某个人的网站预订,随机通过一个代理人,因为价格便宜了 13%,你将得不到任何这些。你不会拥有有保障的客户支持。没有退款保证,也没有付款的灵活性。这些看起来简单的事情,实际上对旅行体验极其重要,因为事情可能不断出错。

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.

好,我相信 Airbnb 提供的保险、客户服务和付款灵活性系统构成了巨大的附加价值。

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

但是,事情类似,我思考的方式是,比如你有 Airbnb 平台,它就像一个被设计出来的引擎,为全世界数百万人每周、每月促成顺畅的旅程,换来的是这样一种信念:房地产代理人将只关注价格,而房东会利用这一点,因此他们试图把自己的房源放到 Airbnb 平台之外。

我认为,即使那是他们想要的。也不太可能是客户想要的。出于我刚才提到的原因,而这正是 Airbnb 控制需求的原因。而如果它控制了需求,这也意味着它控制了展示。如果他们控制了展示和需求,那么代理人面前就不会是唯一的选择:直接通过 Airbnb 预订,或者分享链接,让人们可以通过 Airbnb 手动预订。

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.

就我个人而言,我通过 Airbnb 预订时,并没有直接遇到任何 Airbnb 的服务问题,也没有联系房东。所以我认为,房东们总体来说,比如说,如果他们是通过 WhatsApp 来处理事情的,他们本可以那样做。

我认为你提到的一点也非常重要,那就是支付系统。展示「立即购买」选项——「稍后付款」——这是一个极其重要的订单——不能只在很小的范围内展示。这就像一个 Amazon Logistics 系统。

它类似于所有那些让产品变好的服务,作为客户你看不到它,也感觉不到它,它是产品的一部分,但这就是现实。当你能提交它的时候。我认为这是一个巨大的收益,而像 Airbnb 这样的公司,它有能力做到这一点。

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.

我会回到 Airbnb。90% 的访问是自然流量。我相信这是 Airbnb 相比 Booking.com 最大的优势之一,后者必须支付巨额资金,以换取由营销驱动的潜在客户。因此,他们并不具备同样的……

我不认为其界面拥有与 Airbnb 界面同等质量的设计。他们也不具备同等程度的品牌竞争力、商业优势和客户认知度。是的,他们并没有太多,随着了解更多,Airbnb 是那些寻找短租住所的人最喜爱的平台,例如:「我以前把我家的地下室长期出租给租客。」

而现在,我本人可能明年要搬家,所以我不想签长期租约。看看我能租给多少人,能拿到多少钱,他必须通过 Airbnb 把地下室租出去,比如说。所以,这不是那种把 30 处房产同时挂在 Booking 和 Airbnb 等多个平台上的专业运营。

Airbnb 上的大多数房产都与这种小项目相关。在这些情况下,估计都是普通人,以及加入一个生态系统、一个应用并习惯它的能力。因此,如你所知,他们明白:「用 Airbnb,这是佣金费率,这是付款处理方式。」

这就是 Airbnb 提供给人们的东西,保险就是这样运作的。我知道,如果房客对我的房产造成损坏,Airbnb 会提供价值特定的保险,此外还有其他项目。这会产生一种犹豫,你会犹豫着说:嗯,这是我的房子。

我住在里面,我拥有它。我是否放心把它放到另一个平台上展示?

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?"

我认为 Airbnb 也有一个优势。人们就是喜欢待在那里。如果我在计划度假,使用 Airbnb 并搜索住宿的地方,这本身就是旅行中令人愉快的一部分,对吧?我不想去房地产中介那里,然后听他说:「你能帮我快速找到一个需要预订的地方吗?」

我其实想上 Airbnb,看到所有那些选项。所以,我认为有一个强有力的论点说,Airbnb,鉴于它拥有这个独特的、令人兴奋的房源。而且你也可以说,广告方面的工作如果他们尝试的话可能会成功。

这很简单,但如我们所知,我们常常看人们如何使用电子网站。当我考虑使用 Airbnb 时,我想待在这个平台上。我甚至不想去花时间然后说:「你能给我提供两套公寓吗?」我想查看所有公寓,看到它的形式,以及我对它的感受,还有一切。

这不适用于 Booking.com,但适用于 Airbnb。我认为这是这件事的一部分。

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.

这个频道对 $ABNB 的历次判断

The Intrinsic Value Podcast 在这只股票上共 2 条判断,这里只列相邻的几条。

2026-10-01看涨本条
我的意思是,如你所知,Uber,从这个角度看,从技术上讲,Airbnb 有可能进入这个领域,或者至少她有计划去触及它。
2026-08-20
我们是不是应该做 Airbnb,因为我认为那会很快,因为它只是我们最大的投资组合持仓之一。
原话 52:05 ›
看完整历史 ›
美股听风