Lou Whiteman

Whatever we're talking about, quarterly reports are often more about expectations going in than the actual results.

Kava has been cut in half since the beginning of 2025.

Rivals are having trouble.

There is saturation there.

The macro picture from here is cloudy.

You don't need to be a wow quarter all the time.

In this environment, good enough is good enough.

And this is almost as delicious as a Mediterranean bowl.

Yeah.

Narrative-busting week for Airbnb, because everything was down.

Airbnb actually missed earnings, and the stock is up post.

This week, that seemed really weird.

A few things going on, though.

For one, stock was already down 15% for the year.

and we're still just in mid-February, so there weren't a lot of expectations baked in here.

Also, they see double-digit revenue growth in 2026, which I think is better than some had feared, especially with all the macro concerns where things are going.

This was a good report from a good company.

I think the funny thing is, though, is expectations.

What should we expect from here?

I don't know about you guys, but increasingly, when I look at Airbnb, I see Marriott.