Ryan Knutson

For most independent ski resorts, which were privately held, this volatility was a headache. But for Vail, it was a big problem. Vale is the only ski resort company in the U.S. that's publicly traded on the stock market. It listed in 1997, meaning the company's sales have to be publicly disclosed each quarter to investors. And investors don't like volatility.

For most independent ski resorts, which were privately held, this volatility was a headache. But for Vail, it was a big problem. Vale is the only ski resort company in the U.S. that's publicly traded on the stock market. It listed in 1997, meaning the company's sales have to be publicly disclosed each quarter to investors. And investors don't like volatility.

For most independent ski resorts, which were privately held, this volatility was a headache. But for Vail, it was a big problem. Vale is the only ski resort company in the U.S. that's publicly traded on the stock market. It listed in 1997, meaning the company's sales have to be publicly disclosed each quarter to investors. And investors don't like volatility.

They just want to see growth all the time. So in 2008, Vale came up with a solution, the Epic Pass.

They just want to see growth all the time. So in 2008, Vale came up with a solution, the Epic Pass.

They just want to see growth all the time. So in 2008, Vale came up with a solution, the Epic Pass.

So at the time that this came out, it was like an incredible deal.

So at the time that this came out, it was like an incredible deal.

So at the time that this came out, it was like an incredible deal.

For consumers, not only was the Epic Pass a good deal at the time, owning a pass meant that if snow conditions were bad at one resort, you could just take your skis or snowboard to one of Vail's other mountains. And over time, Vail kept making its Epic Pass even more epic.

For consumers, not only was the Epic Pass a good deal at the time, owning a pass meant that if snow conditions were bad at one resort, you could just take your skis or snowboard to one of Vail's other mountains. And over time, Vail kept making its Epic Pass even more epic.

For consumers, not only was the Epic Pass a good deal at the time, owning a pass meant that if snow conditions were bad at one resort, you could just take your skis or snowboard to one of Vail's other mountains. And over time, Vail kept making its Epic Pass even more epic.

Vail's entire business became about selling the Epic Pass. And at the same time, it dramatically raised the price of a single-day pass, which made the Epic Pass look like an even better deal in comparison.

Vail's entire business became about selling the Epic Pass. And at the same time, it dramatically raised the price of a single-day pass, which made the Epic Pass look like an even better deal in comparison.

Vail's entire business became about selling the Epic Pass. And at the same time, it dramatically raised the price of a single-day pass, which made the Epic Pass look like an even better deal in comparison.

Just for a one-day pass.

Just for a one-day pass.

Just for a one-day pass.

This is like got to be one of the most expensive hobbies that exists.

This is like got to be one of the most expensive hobbies that exists.