Consumer Services & Payment Networks

Lynx Lynch’s thesis

Buy understandable businesses earning money from travel bookings, rides, entertainment, meals and payments rather than speculate on who finances the next AI buildout. Booking, Uber and Netflix offer forward P/Es of 12x, 15.3x and 16.9x, respectively; McDonald's and the payment networks add established consumer franchises. Treat travel and mobility as cyclical growers and the mature franchises as stalwarts, not automatic ten-baggers; earnings-growth and balance-sheet evidence is still needed befo