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Equity Research Database
Institutional Investment Pitches
Explore thousands of hedge fund pitches, high-conviction equity research memos, and portfolio manager commentary extracted from quarterly letters.
Explore thousands of hedge fund pitches, high-conviction equity research memos, and portfolio manager commentary extracted from quarterly letters.
Naturally, we are buyers of such businesses. If we can...
— Roderick van Zuylen
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Other investors who've written on Booking Holdings Inc.
Booking Holdings has faced pressure from discretionary travel fears, geopolitical disruptions, and potential AI disintermediation, driving a significant drop in its stock price. Despite these fears,...
The stock's recent underperformance over AI disruption fears creates an attractive entry point for this dominant online travel agency. Its deep supply-side...
Booking Holdings represents an attractive entry point after underperforming due to fears that AI agents will disrupt its direct-traffic model. The manager believes...
More institutional theses from Night Watch Investment Management
Marex Group plc ($MRX) operates as a global financial services platform providing liquidity, market making, and clearing solutions across commodities, energy, and financial markets. Representing the fund's...
Despite short-term market panic regarding exposure to interest rates and volume risks, Marex has demonstrated robust resilience and growth potential. The manager capitalized...
Although labeled an AI loser by the market and burdened by temporary delays in corporate IT spending, the company is poised for a growth recovery in 2026 as AI-related projects accelerate. Trading at a...