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$BKNG (-1,28 %) I've had it on my WL for a long time. If it goes down even more, I will buy more.

At the Morgan Stanley Conference, I listened to another conversation between Brian Nowak, analyst at Morgan Stanley, and Ewout Steenbergen, CFO of Booking Holdings ($BKNG (-1,28 %) ), followed.

The discussion centered on Booking Holdings' growth strategies and innovation approaches with a particular focus on the company's financial performance and future plans.

Steenbergen emphasized that the company is focused on growth in the US, alternative accommodations, connected travel and other businesses. He highlighted the impressive growth in the fourth quarter, including 10% growth in the U.S. (outpacing its largest competitors), 52% growth in airline tickets and 19% growth in alternative accommodations. He also pointed out the importance of diversifying customer acquisition channels and expanding direct sales, which is around 60% in the B2C sector. Steenbergen emphasized that despite the strong performance, continuous efforts are needed to improve the position in a highly competitive market.

Nowak discussed the forecast growth rates of 8 % for bookings and sales and 15 % for earnings per share. He asked about the key operational areas where improvements are needed to achieve these targets.

Steenbergen suggested redefining growth targets in the context of generative AI opportunities and mentioned that Booking Holdings can gain market share in the US and expand in Asia. He also mentioned the growth potential of other business areas and reiterated the company's commitment to capital returns and share buybacks.

Nowak inquired about the planned use of the expected cost savings of 400 to 450 million US dollars. Steenbergen explained that the company is taking a disciplined approach to achieving savings and efficiencies while strategically reinvesting in areas that will enable faster growth. He emphasized that the company is focused on growing as quickly as possible while maintaining an EBITDA margin of approximately 30%.

Nowak elaborated on the strong performance of Booking Holdings in the US and asked about the factors that influenced the accelerated growth in the fourth quarter.

Steenbergen attributed this to easier comparables, a potential impact of the Middle East conflict on consumer behavior, a shift in spending following the US presidential election and an extension of the booking period. However, he also acknowledged that investments in brand, product, offer and performance marketing played a role.

When asked about the potential of alternative accommodation in the US, Steenbergen replied that it is already contributing to growth, although the company's position in this sector is stronger in other regions. He sees this as an opportunity to close the gap and further boost growth.

Nowak shifted the focus to investments in Asia and asked about the key investment areas and competitive conditions. Steenbergen pointed out that every market is highly competitive, but Booking Holdings is well positioned with Booking.com and Agoda. He highlighted Agoda's localization strategy and planned strategic investments in the region.

A large part of the conversation was dedicated to generative AI. Nowak inquired about Booking.com's vision for the future of travel and how consumers will book travel in the next three to five years. Steenbergen emphasized that the company is preparing for all scenarios and is working closely with major language model developers. He pointed out that while travel appears attractive on the surface, it is actually complex, particularly in terms of fulfillment, payments, customer service and regulatory compliance. He raised the question of whether consumers entrust their travel planning to a generic agent or prefer a specialized platform with a vertical agent they can trust and rely on. He also speculated on whether the providers that have invested heavily in AI would use it as a performance marketing channel for established travel companies such as Booking Holdings. Steenbergen highlighted the potential for AI to drive efficiencies, enhance the core product and develop a vertical travel specialist agent.

Nowak questioned whether reliance on these new agents as a paid marketing channel could impact Booking Holdings' high-margin direct business. Steenbergen acknowledged this risk, but argued that multiple agents as lead generators could reduce customer acquisition costs. He reiterated that the company is focused on developing a superior vertical agent to generate more direct business.

Nowak inquired about Booking Holdings' investments in generative AI to drive value for its hotel partners. Steenbergen emphasized that the company is focused on helping independent and family-owned hotels that often do not have the latest technology. He gave examples of AI-powered tools that help hotels respond to customer queries. He reiterated that the company will invest in both sides of its two-sided marketplace.

An analyst from the audience asked if Booking Holdings used its customer data to predict what type of hotels or activities customers would prefer.

Steenbergen replied that Booking Holdings has extensive data on customer preferences and is investing in modernizing its data environment. He believes this will give the company an advantage in personalizing offers and streamlining the search process.

Another analyst in the audience asked about the factors influencing the 15% EPS growth, particularly in relation to direct business growth and the use of payments. Steenbergen explained that the company is looking to leverage marketing by shifting more business to direct sales and increasing ROI in performance marketing channels. He also expects leverage in fixed costs. These factors in combination with the share buyback program should lead to EPS growth in the mid double-digit range.

In summary, the meeting provided valuable insights into Booking Holdings' growth strategies, investment priorities and innovation initiatives. Steenbergen confidently conveyed the company's ability to grow in a competitive market, improve its profitability and create value for its shareholders.

Hello everyone,

My name is Antonio, I'm almost 27 years old and I'm from Bremen. I currently work as a train manager at Deutsche Bahn. Anyone who knows the job knows that chaos is almost guaranteed here. If a train is on time, everyone wonders what's going wrong. Delays, strikes, unforeseen events - you get used to the fact that nothing goes as expected. And that's exactly how I felt on the stock market: constantly chasing hypes, always on the lookout for quick profits, and in the end I never knew whether the train was still on the right track. I experienced just as much chaos on the markets as I did in my day-to-day work - but fortunately I've learned from it and am now looking for a fresh start where everything is a bit more orderly and predictable.

I've made a lot of mistakes on the stock market in the past. And not too few - unfortunately. Like many of you, I had the idea that the stock market would make me a quick buck. I let myself be led by hypes, trends and the desire for immediate results. I wasn't interested in investing for the long term or building a solid foundation for the future, I was only ever interested in making a quick profit. Leveraged products, knock-out certificates - it was all there. It felt like a casino where the loss was usually the only "win". And so it came as it had to: I not only lost money, but also confidence in my own decisions and the markets.

But today, in 2025, I have realized that it is time for a fresh start. I have learned from my mistakes. It's been a long road and I've thought a lot about why I was so quick to go for the quick buck instead of investing patiently and focusing on long-term success. I learned the lessons I needed to become a better investor. Patience, diversification and a long-term perspective are now my principles. I want to create something tangible, not just a portfolio full of numbers, but also a solid, long-term strategy that will help me to continuously build my wealth.

My portfolio: A solid foundation

The portfolio I have now built up is a mix of different asset classes and asset classes. My aim is to diversify broadly and not miss out on potential growth opportunities, while spreading risk across different sectors and regions. Here is an overview of what my investment strategy looks like:

ETFs (€1000/month)

I have deliberately opted for a broad diversification and invested in different geographical regions and markets. This diversification should ensure that my capital benefits from the markets that have the greatest potential in the coming decades.

- IE00BMTX1Y45 ( $I500) (-1,04 %)

- LU0908500753 ( $MEUD (-1 %) )

- IE00BYXVGY31 ( $FUSA (-0,73 %) )

- IE00BD1F4M44 ( $IUVF (-0,82 %) )

- IE00BKM4GZ66 ( $EIMI (-0,37 %) )

- LU1681041973 ( $CD9 (-0,7 %) )

- LU0486851024 ( $D5BL (-1,12 %) )

- IE00BYQCZN58 ( $DXJZ (-1,49 %) )

- IE00BF4RFH31 ( $WSML (-1,33 %) )

- IE00BG0SKF03 ( $5MVL (-0,19 %) )

- IE00B652H904 ( $SEDY (-0,4 %) )

- LU2089238385 ( $PRAJ (-1,46 %) )

- DE000A0H0744 ( $EXXW (-0,88 %) )

- IE00BFXR5W90 ( $LGAG (-0,44 %) )

- LU0779800910 ( $XCHA (-0,07 %) )

- HANetf Future of Defense UCITS ETF ($ASWC (-2,23 %) )

So many ETFs? Does he still have all his wits about him?

Some people will think exactly that when they look at my ETF list. And yes, I admit that the portfolio is pretty broadly based - perhaps too broad for some. But that's exactly my goal. I don't want to catch the one sector or the one region that is going through the roof. I want to have everything! If a market explodes somewhere in the world, then I want to be there. Be it through large caps, small caps, growth, value, technology or emerging markets, my approach is not to miss out on potential opportunities and at the same time not to put all my eggs in one basket. Some call it overdiversification, I call it my personal "all-world approach"

The idea behind the selection of these ETFs is that I want to focus on global markets and growth regions without missing out on important sectors such as technology, healthcare and energy. The USA (with over 55% of my portfolio) remains the central component due to its economic importance and innovative strength. At the same time, I am also focusing on Europe, Asia, China and emerging markets, which are increasingly among the growth markets of the future. Small caps also play a key role for me, as they often have the potential to grow faster and offer opportunities that are often overlooked by the large institutions.

Cryptocurrencies (€100/month in Bitcoin ( $BTC (-0,63 %) ) €50/month in Ethereum ($ETH) (-2,77 %)

I also invest in Bitcoin and Ethereum as I am convinced of the future of these digital currencies. Even if the volatility is high, I see the long-term potential of these technologies. For me, it is an opportunity to participate in the development of a new financial world.

Gold (50 €/month EUWAX Gold ($DE000EWG0LD1 (+0,25 %) )

In uncertain times, I have realized how important it is to have conservative assets such as gold. The last few years of inflation and economic fluctuations have made me realize that gold can have a stabilizing effect, especially in times of crisis.

Individual stocks - My dividend strategy

I have also selected a few individual stocks that should not only offer me security, but also regular income through dividends. The reason for this is simple: I need something tangible, something visible. It's not just the pleasure of seeing the portfolio grow, but also the dividend that gives me the feeling of actively participating in the companies and benefiting from their success.

- 3M Co ($MMM (-0,85 %) )

- Allianz ($ALV (-0,56 %) )

- BioNTech ($BNTX (-1,49 %) )

- Booking Holdings( $BKNG (-1,28 %) )

- Coca-Cola ($KO (+0,17 %) )

- LVMH ($MC (+0,03 %) )

- MSCI Inc ($MSCI (-0,63 %) )

- NextEra Energy($NEE (+0,03 %) )

- Philip Morris ($PM (+0,33 %) )

- Realty Income($O (+0,09 %) )

BioNTech in particular, as a company that has promising potential not only during the pandemic but also beyond, is a long-term winner for me. Likewise NextEra Energy, which plays a key role in the renewable energy sector, and Booking Holdings, which should benefit from the global tourism trend. These companies not only pay dividends, but also show that you can benefit from a company's success with a long-term perspective.

Pension fund

I also invest in the DEVK pension fund (DE000A2PT1X3) through my employer $DE000A2PT1X3 . This fund is particularly important to me because of the generous contributions made by my employer and the solid returns. Even though the costs are somewhat higher, I see it as a long-term addition to my strategy.

Why this portfolio?

I built my portfolio this way because I believe in the potential of long-term global diversification. Rather than chasing short-term gains, I am looking for continuous value growth over many years. I want to support the right companies, benefit from promising markets and at the same time have a regular source of income through dividends.

I am no longer interested in making a quick buck. I have learned that true success in wealth accumulation lies in patience. And that's what it's all about: I want to create a solid foundation for the future - for myself, for my pension and perhaps for a house in a few years' time.

What do you think?

I'm really looking forward to hearing from you. What do you think of my strategy? Do you see any areas where I could diversify even more? Are there any asset classes or ETFs missing from my portfolio that would make sense for me? I am very keen to hear your opinions and advice.

Thank you for taking the time to read my story and strategy! I look forward to your feedback.

Best regards,

Antonio

As a listener to Trip.com Group's conference call ($TCOM (+0,17 %)) fourth quarter 2024 conference call, I was able to gain insights into the company's strategies and financial results. Here is a summary of the call:

James Liang, Co-Founder and Executive Chairman, began by explaining the company's overarching strategy. He emphasized the remarkable resilience of the travel market and the increasing value consumers place on experiences experiences. He highlighted that by 2024, Trip.com Group is expected to have a GMV of over 1.2 trillion RMB (169 billion USD) achieved. A key point of his remarks was the importance of AI innovation for Trip.com. The company's AI-powered tools aim to make travel planning more accessible and tailored to individual needs.

He named Trip.Best, Trip.Trends, Trip.Deals, Trip.Events, Itinerary and TripGenie are examples of these innovative tools. TripGenie in particular enjoyed growing popularity, which was reflected in a 200% increase in traffica an increase in browsing time of almost 100 % and and an 200% increase in the number of conversations. reflected.

In addition, Liang pointed to the robust growth of the international business which accounted for 14% of Group sales in the fourth quarter and 10% in the full year 2024 accounted for. He also emphasized the company's commitment to the promotion of incoming tourismthe support of rural development through sustainable rural tourism projects and the implementation of sustainable practicesto make a positive contribution to environmental protection.

Jane Sun, CEO and Director, presented the operational highlights and provided insights into current trends. She reported an impressive sales growth of 23 % in the fourth quarter and 20 % for the full year 2024. The outbound business continued to record strong growth, boosted by the easing of visa regulations and the increasing availability of international flights. In the fourth quarter, industry-wide cross-border flight capacity reached over 80% of pre-pandemic levels, while outbound hotel and flight ticket bookings from Trip.com increased by more than 120% compared to 2019 outperforming the industry by 30 to 40 %.

Sun also highlighted the strong increase in domestic tourism in China with 5.6 billion trips in 2024underlining the growing importance of travel in Chinese people's daily lives. The incoming tourism is also becoming an important factor for economic and cultural dynamism. In the fourth quarter and in 2024 as a whole, inbound inbound bookings on Trip.com's platforms increased by over 100% compared to the previous yearwhereby the bookings from visa-free countries increased by over 150%. In response, Trip.com Group introduced free city tours for international travelers in transit in Shanghai and Beijing.

Sun mentioned that Trip.com has strengthened its presence in key APAC markets and and expanded into new regions. In the fourth quarter airline ticket and hotel bookings on the international OTA platform increased by over 70 % year-on-yearwith APAC bookings increased by around 80 %. The company strategically invests in technology and talent acquisition and operates 16 global call centers to ensure world-class customer service.

Another focus was on the silver generationthe 50+ generation, which is a growing and affluent market segment. Trip.com has launched the Old Friends Club initiative to specifically address this target group. In addition, Trip.com is committed to sustainable development and supports its employees with various measures, which has earned the company numerous awards as an attractive employer.

Cindy Wang, CFO, presented the detailed financial results and gave an outlook on future developments. The net revenue for the fourth quarter of 2024 amounted to RMB 12.7 billion, an increase of 23% year-on-year. For the full year 2024, net revenue amounted to RMB 53.3 billion, an increase of 20% year-on-year. Revenue from accommodation reservations increased in the fourth quarter by 33% compared to the previous year and for the year as a whole by 25 % compared to the previous year. Sales of transportation tickets increased in the fourth quarter by 16 % compared to the previous year and for the year as a whole by 10 % compared to the previous year. Turnover with package tours increased in the fourth quarter by 24 % compared to the previous yearmainly driven by the international business, which grew by around 100 %.

The company is planning strategic capital return initiatives for 2025including a share buyback program of up to USD 400 million and a cash dividend totaling approximately USD 200 millionunderlining the confidence in the company's financial strength and future growth prospects.

In the subsequent Q&A session, all executives were available to answer analysts' questions and provide detailed insights.

Brian Gong from Citi inquired about the potential impact of AI agents and large language models on OTAs like Trip.com. Liang replied that AI agents will not replace OTAs, but rather complement them. Trip.com offers added value in terms of real-time travel information and end-to-end servicesthat cannot be replicated by AI alone.

Alex Yao from JPMorgan asked about the current current demand for leisure and business travelthe growth rate for 2025 and the key revenue drivers. Sun identified the young generationthe silver generation and the further opening of borders as key drivers. She also mentioned the expected recovery of direct flight connections as a positive factor.

Joyce Ju from Bank of America asked about the business trends during the Chinese New Year and the outlook for 2025. Wang reported a healthy appetite for travel and an expansion of the travel radius. She mentioned that the hotel prices gradually approaching the previous year's level.

Simon Cheung from Goldman Sachs inquired about the outlook for the outlook for the Trip.com platform and the reactions from competitors. Sun emphasized the internal strengths of the company, such as the one-stop shopping platformthe excellent user experience, the customer service and the investments in AI.

In summary, the conference call was extremely insightful and highlighted that Trip.com Group is extremely well positioned to capitalize on growth opportunities in the travel market. The company is focusing heavily on AI innovation, tapping into new market segments and expanding its international business to ensure long-term success.

I hope I was able to introduce you to one of the most important Chinese competitors of Booking $BKNG (-1,28 %) and Expedia $EXPE (-1,46 %) closer to you.

I think half of the GQ community (including me) will probably be particularly interested in $NU (-1,56 %) but there are still other exciting companies like

$ANET (-2,93 %)
$CDNS (-1,17 %)
$SQ (-1,67 %)
$BKNG (-1,28 %)
$INOD (-4,45 %)
$MELI (-0,79 %)
$WMT (-0,79 %) who will present their figures 😬

THE BIG QUESTION NEXT WEEK IS STILL

UP📈 or DOWN📉 for $NU (-1,56 %) ?

Bill McDermott - ServiceNow $NOW

Glenn Fogel - Booking Holdings $BKNG (-1,28 %)

Tobias Lütke - Shopify $SHOP (-3,28 %)

Daniel Ek - Spotify $SPOT (-2 %)

George Kurtz - Crowdstrike $CRWD (-1,71 %)

Brian Chesky - Airbnb $ABNB (-0,13 %)

Mark Miller / Mark Leonard - Constellation Software $CSU (-0,75 %)

Calvin McDonald - Lululemon $LULU

Patrick Smith - Axon Enterprise $AXON (+0,17 %)

Peter Beck - Rocket Lab $RKLB (-2,53 %)

Have I forgotten someone?

when would $BKNG (-1,28 %) interesting for you for a first purchase?