Jon Quast

You can have your own mailing list.

You can do all of this.

And many of your vacation property owners do have systems in place to collect this consumer data and to bypass Airbnb so that they can make more money and not give Airbnb its take rate.

However...

By and large, these properties remain on Airbnb because that is where the consumer is.

That is where the traveler is.

And as much as you try to get away from it, you can't avoid it, even if you're a really good property.

And so I really see that being kind of your trajectory of where the space is going.

Yeah, I think that everyone's going to want to try to move away from the third party aggregators, but getting away from it in practical terms, I don't think they're going to be able to.

As Dan points out, we're definitely in normal territory.

I will say, though, that we're still in mild volatility territory when we're looking at the historical averages.

If you look at the 10-year chart, there's definitely higher clusters of volatility in late 2018, early 2020, and for much of 2022.

What's interesting to me is, you talk about fear and greed.

We are in extreme fear mode right now.

The fear and greed index hit a new low yesterday of six.

If you look at the consumer sentiment index, we're hitting 50-year lows.

Consumer expectations in November dropped 36% year-over-year.

What is so fascinating to me is, if you look at where we are, yes, there is some volatility,

Not anything near like what we've seen in the market is within 5% of its all-time high, and people are already panicking.

I think that investors are gaslighting themselves here, thinking that everything is falling apart, when really, when you look at things, it's all quite good still.