ABNB 是真正的复利型企业，增长跑道很长，买入时的市盈率低于当前的 38 倍；当初造成入场机会的 AI 担忧已基本消退，持仓较买入价上涨约三分之一，业务表现好于预期。
逐段跳播
比如，看看 Airbnb，它的市盈率超过38倍。不过我认为值得一提的是，我们买入这些业务时的估值倍数通常更低，Reddit 是个例外——实际上它的增长太迅猛了，以至于它已经增长到对应更低的估值倍数。
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.
但不用说，我认为我看待 Airbnb 和 Reddit 的方式，和你把 Aritzia 看作拥有很长增长跑道的真正复利型公司的方式很相似。
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.
而 Airbnb 更多是缓慢爬升，但相比我们的买入价，它肯定还是涨了大约三分之一。所以，那些给我们带来入场点的 AI 担忧已经基本消退。而且这家公司的经营表现比我预期的更好。
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.
这个频道对 $ABNB 的历次判断
The Intrinsic Value Podcast 在这只股票上共 3 条判断，这里只列相邻的几条。