The quick hit re-open trade of January/February came and went. The U.S. is facing the delta variant of COVID-19 in full, which has shaken out some of the fast money from the travel sector. And yet...
On this week's The Razor's Edge, we talk about why we think, in different ways, that the travel stocks are set up well for this year and beyond. There's a bit of the macro, a bit of a take on delta's persistence, and a lot more on Booking Holdings and Boeing as our focus companies. The full picture may not be clear, but we make a case for why there's enough visibility to make a bet at this point.
Topics Covered
2:30 minute mark – The travel sector’s air pocket
7:00 – The delta factor
12:00 – The contrasting set-up between travel stocks and COVID winners this earnings season
15:30 – Booking Holding’s relative advantages in travel
22:00 – Thinking about Booking’s valuation
27:00 – Boeing’s situation and the 737 MAX and so on
30:00 – Portfolio positioning at this stage in the market
33:30 – Resetting on the macro outlook
40:30 – The deflation in inflation talk
43:30 – The importance of focus with more public names out there
47:30 – The lurking presence of the crypto trader
53:00 – The incremental news flow for travel
1:02:00 – The Covid market pendulum

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