Investor letter, October 2018

TripAdvisor is described as the dominant travel research company with the largest installed base for travel apps, continuing to hold the shares given plausible potential to improve monetization rates on the $1.3+ trillion in travel spend it influences.

“TripAdvisor (TRIP) – TripAdvisor remains the dominant travel research company and maintains the largest installed base for travel apps. The company continues to make progress on their in-destination business for local tours and activities, and has been optimizing ad spending on the hotel business to improve profitability. We continue to hold the shares as it is entirely plausible that TripAdvisor can improve their monetization rates on the $1.3+ trillion in travel spend it influences.”