Booking Holdings: Invest in the World's Largest Travel Company?

In a co-hosted podcast, Daniel Mahncke and Speaker 2 delve into Booking Holdings, the parent company of Booking.com, comparing it with competitors like Airbnb and Expedia. They explore Booking's history, business model, and acquisitions, highlighting its shift from Priceline's "name your price" approach to a digital travel agent service. The discussion covers Booking's strengths, such as its global presence and capital return strategy, as well as potential risks, including competition from Google and the rise of AI-driven travel planning. They analyze Booking's revenue models, tax advantages, and executive compensation structure, ultimately deciding to place Booking.com on their wait list due to valuation concerns and potential disruption from AI.