Real World Renaissance
Rebecca
@rebecca
−10.3%
since Jul 30
The idea
I believe that as AI agents take over more of our digital tasks, physical presence becomes the scarce, valuable thing: live events, travel, fitness, dining, the stuff no agent can do for you. This portfolio leans into operators already showing booking and membership momentum in their earnings, live entertainment and travel names up front, fitness and dining alongside, plus a smaller stake in experiential landlords priced like old-economy real estate but collecting rent on the shift.
What it owns
- Travel represents the largest real-world experience category, with cruise lines and booking platforms reporting record forward demand. · Royal Caribbean GroupIt operates cruise ships as fully-immersive multi-day experiences, with record forward bookings and visible demand momentum in current earnings., AirbnbIt provides a platform for staying in real, distinctive places rather than generic hotels, with an Experiences business that monetizes in-person connection., Marriott InternationalIt collects global lodging fees on an asset-light model, earning more as trip frequency increases with minimal balance-sheet risk., Booking HoldingsIt takes a commission on global travel demand regardless of destination or hotel choice, providing diversified exposure to the travel industry., United AirlinesIt is leveraged to volume travel and benefits from premium-cabin and international demand from experience-focused travelers.30%
- Concerts and live sports are experiences that cannot be replicated digitally, and demand continues to reach record levels. · Live Nation EntertainmentIt owns promotion, venues and ticketing across the concert industry, capturing value at every layer as spending shifts toward live experiences., TKO Group HoldingsIt owns live sports properties with pricing power on events and media rights that cannot be disrupted or replaced by technology., Madison Square Garden EntertainmentIt owns marquee venues including Madison Square Garden, operating as a toll booth on live entertainment demand in the largest US market.20%
- Gyms and wellness facilities operate as subscriptions anchored in physical presence, generating recurring revenue. · Planet FitnessIt operates a franchise model of fitness clubs with recurring memberships that compounds as physical wellness participation accelerates., Life Time Group HoldingsIt operates athletic country clubs that sell community and physical gathering space as a premium recurring-revenue subscription., On HoldingIt is a footwear brand riding the run-club and outdoor-movement wave as consumers choose physical activity over screens.16%
- Restaurants are the high-frequency, accessible form of paying for real-world connection and social gathering. · Texas RoadhouseIt operates sit-down dining locations where traffic growth demonstrates consumers choosing in-person gathering over screens., Darden RestaurantsIt operates a diversified portfolio of sit-down restaurant brands generating steady cash from Americans dining together., CAVA GroupIt is a category-defining fast-casual brand expanding into new physical locations where younger consumers gather.15%
- REITs owning venues, casinos and attractions benefit from the shift toward in-person experiences while being valued as traditional real estate. · EPR PropertiesIt owns theaters, eat-and-play venues and ski attractions as a purpose-built REIT collecting rent on experiential properties., VICI PropertiesIt owns marquee casino properties on the Las Vegas Strip on ultra-long leases, collecting rent on real-world experience demand.11%
- Cash8%