Post-AGI In-Person Economy
jakub rusiecki@jakub_rusiecki
+1.4%
since Oct 1
The idea
I believe that as AI absorbs the digital world, real-world presence becomes the scarce, valuable thing, so spending shifts toward travel and live gatherings. This basket owns the businesses that host that presence: hotel brands, cruise lines, live event operators, and destination resorts, while deliberately avoiding online booking platforms since I expect AI agents to displace them and push margin back to the brands I hold.
What it owns
- Hotel brands collect fees on every room booked, and stand to capture additional margin if AI agents displace third-party booking platforms and push reservations direct. · Marriott InternationalIt collects fees on rooms worldwide as a franchisor, and benefits twice: from rising travel volume and from AI agents pushing direct bookings that restore margins the brand previously shared with platforms., Hilton WorldwideIt operates an asset-light model collecting franchise fees globally, gaining from increased travel and from AI-driven direct bookings that shift platform margins back to the brand., InterContinental Hotels GroupIt provides global hotel brand reach outside the US, capturing rising travel demand and benefiting from AI-driven direct bookings that return platform margins to the brand., Hyatt HotelsIt focuses on luxury and lifestyle hospitality where paying for a real place with real people is the core value proposition, benefiting from high-end travel growth., Host Hotels & ResortsIt owns the actual hotel properties that brands operate, making it a direct claim on physical rooms if in-person travel spending rises and occupancy strengthens., Wyndham Hotels & ResortsIt operates budget hotel franchises, capturing in-person travel growth that shows up as road trips and budget getaways, and gaining from AI-routed direct bookings.29%
- As digital experiences proliferate, the value of being physically present at a concert, fight, or show grows relative to watching remotely. · Live Nation EntertainmentIt controls the full chain from concert promotion through venues to ticketing, making it the most direct exposure to growth in live event attendance and spending., TKO Group HoldingsIt owns UFC and WWE, live spectacles where attendance and media rights revenue depend on people choosing to gather in a room together., Sphere EntertainmentThe venue itself serves as the primary attraction, with growth dependent on strong attendance in Vegas and expansion to additional locations., Madison Square Garden EntertainmentIt owns Madison Square Garden and Radio City, venues that fill because attendees want to be in the room, benefiting from rising live event bookings and per-event spending., Vail ResortsIt sells a physical experience with no digital substitute: mountains, snow, and other people using them, benefiting from rising spending on real-world activities.25%
- Cruises represent the most physical form of travel, a floating destination that cannot be replicated or replaced by any digital alternative. · Royal Caribbean GroupIt is the largest cruise operator and the purest expression of betting that people will pay to be somewhere real together, benefiting from strong demand and occupancy., Viking HoldingsIt sells premium, slower travel to affluent older travelers, the exact kind of physical experience that becomes more valuable as digital work expands elsewhere., Carnival CorporationIt offers mass-market cruising, so broad-based growth in in-person travel spending flows first to the lowest-cost option., Norwegian Cruise Line HoldingsIt is an upscale cruise operator still climbing back from prior lows, positioned to benefit disproportionately if in-person travel spending continues rising.21%
- Casinos and resort destinations sell the gathering itself, the place where people come specifically to be around other people in person. · Las Vegas SandsIt operates destination casino resorts in Macau and Singapore where people specifically travel to be in person, benefiting from recovering Asian travel and gaming demand., Ryman Hospitality PropertiesIt owns large convention resorts and the Grand Ole Opry, capturing both in-person business gatherings and live music as companies maintain face-to-face meetings alongside digital work., MGM Resorts InternationalIt anchors the Las Vegas Strip, the single largest cluster of in-person entertainment in the country, and benefits from growing visitation and spending per visitor.15%
- Cash10%