+2.3%
since Sep 30
The idea
I believe that as more of life moves onto a screen, people will pay up for the things a screen can't replace: a concert, a trip, a workout, a table with friends. This basket spreads that bet across travel and stays, live events and venues, parks and destinations, food and social spots, and wellness, plus the payment companies that take a cut every time someone books or attends. It keeps 7% in cash for downturns and avoids concentrating too heavily in any single name, treating this as a years-long position rather than a short-term trade.
What it owns
- Travel platforms and hotel operators earn fees or margins on each booking and night stayed, growing as consumers prioritize trips over material purchases. · Booking HoldingsOperates the largest travel booking platform globally, collecting a cut on hotels, flights, and rentals, with strong margin potential as gross bookings expand., AirbnbTakes a fee on every booking for accommodations no chain hotel can offer, growing as nights booked and nightly rates both rise., Marriott InternationalCollects franchise fees on thousands of global hotel rooms without owning most buildings, so travel demand flows directly to profit margins., Hilton WorldwideEarns franchise fees on every room night across a global brand network, compounding as travel demand and room rates both strengthen., Expedia GroupOperates the second major US travel booking platform, capturing share as consumers book trips, with room to expand margins versus larger competitors.28%
- Live music, sports, and entertainment draw crowds willing to pay rising prices for experiences that only happen in person and can't be replicated remotely. · Live Nation EntertainmentControls the full chain of concert promotion, venues, and ticketing, so profits rise when tours fill up and per-fan fees climb., TKO Group HoldingsOwns live sports properties with passionate fans and limited seating, earning from media rights and ticket revenue as both streams grow., Sphere EntertainmentThe venue itself becomes the draw through immersive experiences available only in person, with economics that depend on strong utilization and expansion to new cities., Madison Square Garden EntertainmentOwns iconic venues with decades of waiting demand and no substitutes, benefiting from rising event counts, ticket revenue, and premium hospitality sales.21%
- Theme parks and cruise ships command premium prices for multi-day experiences families treat as essential, with limited capacity and pricing power. · Walt Disney CompanyTheme parks and cruise ships command steep prices for experiences families consider essential, with per-guest spending rising even as overall attendance stays strong., Royal Caribbean GroupSells multi-day floating experiences where capacity is finite and pricing power proven, with bookings consistently ahead of ship availability., Six Flags EntertainmentCombined regional theme park operator with lower admission prices than destination resorts, dependent on attendance and per-guest spending as merger synergies materialize.15%
- Sit-down restaurants and casual dining chains benefit when eating out together remains a durable social habit, even as consumer budgets tighten. · Darden RestaurantsOperates the casual sit-down chains where middle America still dines out together, benefiting when traffic and same-restaurant sales keep growing., Texas RoadhouseGrows traffic when most sit-down chains cannot, providing the clearest evidence that consumers still prioritize nights out and will sustain that behavior., Chipotle Mexican GrillRepeatedly raises prices while maintaining or growing transaction counts, demonstrating the pricing power and consumer loyalty central to this basket.13%
- Fitness memberships at all price points survive because gyms offer in-person habits that digital alternatives cannot replace. · Planet FitnessSells an affordable in-person habit at a price point that survives consumer budget cuts, growing through new gyms and rising membership counts., Life Time GroupHigh-end wellness clubs priced over two hundred monthly, growing through membership expansion and per-member revenue as affluent customers treat it as essential spending.9%
- Payment processors and restaurant software collect fees on every transaction across the real-world experience economy, compounding as volume grows. · ToastEmbeds payment processing and software inside tens of thousands of restaurants, collecting a slice of every check as location counts and payment volume compound., Shift4 PaymentsProcesses payments across restaurants, hotels, stadiums, and venues, earning small slices that compound as payment volume grows across all experience categories.7%
- Cash7%