Hedgeye CEO Keith McCullough is adding Expedia Group (EXPE) to the long side of Investing Ideas. Below is a brief note.
Here's a good example of an explicit OODA (observe, orient, decide, act) loop within my risk mgt #process:
A) I saw a breakout in #NazVol developing ... so
B) I waited for that signal to tone down before buying a name with Tech beta like EXPE
It wasn't waiting because Todd Jordan told me wait (it was on my BUY list because he gave me the idea!). I was waiting because my macro market signals said I could get a better price.
Here's a good intro excerpt from Gaming, Lodging and Leisure (GLL) analyst Todd Jordan on the name and Alternative Accommodation via Expedia's (EXPE) Vrbo, which is on fire:
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A new sequel to Bill And Ted’s Excellent Adventure is hitting the big screen and Sean and I are excited. The first one was, well, excellent. While the sequel to OTA’s hotel business is not exactly new, we’re not sure the outlook has ever been this promising for Alternative Accommodation (AA). The adventures available through AA are more varied than straight hotels and seem to fit better in the Covid world. As we’ll discuss in this note, most datapoints are not only positive from a relative perspective (vs hotels, brands, business travel, etc.), but even on a YoY basis, despite comping against pre-Covid numbers. |
We're still short hotel stocks on the other side of EXPE long (I’d de booking more gains in hotel shorts like XHR, MAR, etc. on red today too),
KM
