TIP856: Airbnb (ABNB): The Business Outgrew Its Peak, The Stock Hasn't w/ Kyle Grieve & Shawn O'Malley

You're listening to TIP. Welcome back to the Investors Podcast, episode 856. Today we're revisiting the alternative accommodations giant Airbnb. A business that Sean pitched on the Intrinsic Value podcast in early 2025, which has been quite a success. growing into our second largest position today.

Well as much as I'd love to take a victory lap here, I I think there's always more work to be done and hidden risks to account for, but No, that's what we're here to do today and just revisit the thesis and see if everything is still on track. Well, I think you're being a little modest here, Sean, because Much of what you actually covered in the original pitch has come true, which I found quite impressive. When I first started analyzing the business though, I will say that I did have a few worries, mostly regarding the decrease in their growth rates.

But as I really, really looked under the hood, my worries just kind of faded away because a slowdown looks more like a temporary blip in spending just to support that future growth. And even now, we're seeing growth rates speeding back up and even past their historical averages. When they went through that period of accelerating growth, I think that made many investors believe that Airbnb was losing its competitive edge, but As the fundamentals have turned around and improved again, the business is Continuing to add market share and

We already have this episode, so unlocking it is cheap and permanent: the full transcript (90 minutes, 18,052 words), segment and word-level timestamps, and .txt, .srt, .vtt and word-level JSON downloads, as many times as you like, forever.

No account needed, we create one from your checkout email. With credits it is 1 credit; packs start at 5 episodes for $3.49, and monthly plans are cheaper still.