Scarce Experiences for the Top
Adam Fern@fern_
+0.3%
since Oct 14
The idea
I believe the K-shaped economy keeps widening, and the winners will keep paying up for experiences that can't be scaled, not more stuff. So this basket owns the scarce capacity itself: premium live events and sports, luxury hotels and small-ship cruises, ski mountains, and high-end clubs and wellness, spread across many names rather than betting on one. It holds a modest cash reserve to add on sharp market drops, since this kind of spending tracks asset prices, and it's built to be held for years as the idea plays out.
What it owns
- Front-row seats and big-event tickets are scarce, and affluent fans continue bidding prices higher. · Live Nation EntertainmentIt runs venues and Ticketmaster that sell premium concert seats, capturing revenue as wealthy fans pay higher prices for scarce experiences., TKO Group HoldingsIt owns UFC and WWE, where ringside seats and live event fees are fixed in supply and wealthy fans bid up their prices., Liberty Media Formula One GroupIt tracks Formula One, where paddock passes and race weekend hospitality are among the priciest seats in sports with limited events each year., Churchill DownsIt owns the Kentucky Derby, one weekend per year with premium seats that cannot be added and keep rising in price., Madison Square Garden SportsIt owns the Knicks and Rangers, and courtside and glass seats at the Garden are among the most expensive in sports with a fixed count., Madison Square Garden EntertainmentIt owns Madison Square Garden and Radio City Music Hall, venues with limited dates and suites that command premium prices., Sphere EntertainmentIt operates Sphere in Las Vegas, a one-of-a-kind venue that charges high prices because nothing else like it exists.38%
- Top hotel rooms and small luxury ships have limited capacity that wealthy travelers keep paying more for. · Marriott InternationalIt owns Ritz-Carlton and St. Regis, so it benefits when luxury room rates grow faster than cheaper brands., Viking HoldingsIt sells river and ocean cruises to wealthy travelers and fills ships well ahead of sailing while raising fares., Hilton WorldwideIts luxury tier of Waldorf Astoria and Conrad brands owns high-end rooms in fixed supply that command rising rates., Hyatt HotelsIt leans more toward luxury and resort hotels than most big chains, so it benefits when affluent travelers pay more for those rooms., Wynn ResortsIt runs high-end resorts in Las Vegas and Macau built around wealthy guests who pay steep prices for premium suites and gaming., Lindblad ExpeditionsIt runs small expedition ships to places like Antarctica and the Galápagos where cabin numbers are tiny and trips command steep prices.35%
- Premium memberships, ski passes and high-end family services raise prices each year because their best customers barely notice. · Life Time GroupIt runs athletic country clubs with high monthly dues that members pay to access premium fitness and social amenities., Vail ResortsIt owns ski mountains near major cities where new ones cannot be built, so lift tickets and passes keep growing in price., Bright Horizons Family SolutionsIt runs premium child care and backup care services that wealthier households and their employers pay higher tuition to access.19%
- Cash8%