Jon Quast

That's the majority.

But if you're only listing exclusively, you're not listing with Airbnb's competitors.

You're listing on Airbnb exclusively.

It's either Airbnb alone or Airbnb Plus, but never without Airbnb.

That, to me, shows the moat here.

One of the reasons I like it in this expanding market.

Yeah, for sure.

I also like companies that exhibit this trait of having this relentless drive and curiosity to finding new business opportunities.

Airbnb is definitely one of those.

It's invested $200 million this year in experiences and services.

When you look at its bookings in the third quarter, half weren't attached to a place to stay.

I'm talking about its experiences and services.

People stay in a new place, and maybe they'll book an experience on top of that, but half of the experiences now don't have a place attached to it, so they're doing it exclusively for the experience.

That's an interesting trend.

The company investing in that seems to be paying off.

And management's also talked about, hey, we're going to launch a couple new businesses ideas every single year.

This is throwing spaghetti at the wall, for sure.

But it has extra cash on hand, so it can't afford to invest in these new ideas.

You look at the whole thing, it trades at 18 times its free cash flow.

That's a valuation I can get behind.