The Human Premium
Oo Nwoye@oothenigerian
+2.7%
since Sep 30
The idea
I believe that as AI makes digital content cheap and endless, people will pay up for what only humans can give each other: being in a room together at a concert, on a trip, on a ship, at the gym, out to dinner. So this basket owns the toll booths of those experiences across five layers, live events and venues, travel and stays, cruising, wellness, and dining, weighted toward businesses with real pricing power rather than just familiar brand names. It keeps a small cash reserve to add on dips and is meant to be held for years as this shift plays out.
What it owns
- Live events create direct human experiences where venue and ticketing operators collect revenue from every ticket sold. · Live Nation EntertainmentIt collects a fee on nearly every major concert ticket in America through its ticketing platform and venue network, earning from every seat filled., TKO Group HoldingsIt owns live fighting spectacles that draw audiences willing to pay premium prices for in-person viewing rather than streaming., Churchill DownsIt owns a unique annual event and venue in a single irreplaceable location, positioning itself to raise ticket prices as demand stays strong., Madison Square Garden EntertainmentIt owns an irreplaceable venue in a city where new capacity cannot be added, allowing it to raise ticket and suite prices year after year., Sphere EntertainmentIt owns an immersive venue that cannot be easily replicated and sells out shows at premium prices, with potential to build more such venues profitably., Six Flags EntertainmentIt operates theme parks where families spend time together in person, earning from both attendance growth and increased in-park spending per visitor., EPR PropertiesIt collects rent from theater, ski resort, and entertainment venue operators, earning a toll on the entire shift toward experience-based spending.31%
- Trips rank high on the priority list when people allocate spending, and booking platforms and hotel operators earn a cut from every reservation without owning the underlying assets. · Booking HoldingsIt takes a commission on a large share of global travel bookings without owning hotels, earning more when trips and room rates both climb., AirbnbIt connects travelers with homes and experiences, earning fees when nights booked and prices per night both rise as travel spending grows., Marriott InternationalIt earns management and franchise fees on room rates across thousands of properties without building costs, allowing per-room revenue to compound., Hilton WorldwideIt earns fees on rising room rates across its brand portfolio through management and franchise agreements, doubling exposure to travel demand growth., Delta Air LinesIt increasingly earns from premium cabin sales and loyalty program revenue as travelers pay extra for comfortable seats on the trips they prioritize.26%
- Cruise ships are booked far in advance with long waitlists, which demonstrates the pricing power that comes from sustained demand outrunning available capacity. · Royal Caribbean GroupIts ships are booked full far in advance, demonstrating sustained demand that allows the company to raise per-passenger prices year after year., Viking HoldingsIt sells premium cruises to affluent travelers least likely to cut spending, serving a customer base that prioritizes experiences over other purchases.12%
- People pay to work out, ski, and gather in person at clubs and resorts, choosing shared spaces and experiences over solitary screen-based alternatives. · Planet FitnessIt operates a low-cost membership model based on people choosing to work out in person with others rather than exercising alone at home., Life Time GroupIt sells premium memberships to clubs where people spend their days, earning from rising dues and sustained demand that keeps waitlists full., Vail ResortsIt owns mountains that cannot be replicated and sells season passes to reach them, earning from pass sales growth and increased per-skier spending.12%
- A table with a server and a full room create an experience that no delivery app can replicate, and restaurants earn a premium when people choose to dine out. · Darden RestaurantsIt operates casual sit-down restaurants where diners pay for food served by humans, earning from both traffic and menu price increases., Texas RoadhouseIt maintains waitlists by controlling supply, proving customers will queue for an in-person experience, and earns by raising prices while keeping lines long.9%
- Cash10%