Executive Summary
Three dominant companies are trading like broken businesses despite generating massive cash flows and maintaining competitive moats. Airbnb trades at 18x free cash flow while generating $4.56B annually and maintaining platform exclusivity where property owners choose "Airbnb alone or Airbnb plus, but never without Airbnb." Lululemon has crashed 70% from its 2023 peak despite maintaining healthy margins and inventory control, now attracting Elliott Management's $1B+ activist stake targeting CEO r...
Key Investment Opportunity
Airbnb Platform Expansion Beyond Lodging
Experiences business reaching inflection point with 50% of bookings unattached to accommodations, expanding TAM beyond short-term rentals while maintaining 18x FCF valuation
...and 2 more investment opportunities
This is a preview. Log in to see the full analysis including investment opportunities, risks, catalysts, and detailed insights.