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No. of Recommendations: 9
there were cautionary signs - EXPE had reported some disappointing results and there was plenty of chatter about TripAdvisor and Trivago. All that said, trailing results were again ahead of expectations (they had fallen on lowered expectations last quarter as it did the quarter before - and quarter before...and quarter before) because of - you guessed it - lowered expectations.

Irony is though if you exclude all the cash at the closing price today the stock trades for about 20x at the current price; this for a business doing about a 14x CFFO to CapEx ratio and now trading at a nearly a 5% free cash flow yield.

I had pared it significantly down a little while ago (again, the EXPE results telegraphed more challenging times, and EXPE reports before PCLN) but I added incrementally today. Need to read the call to decide if I should move it back up again despite some upcoming cost pressures perhaps, but it is an amazing business in my view. just 2c
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