In-Person Trust Premium
allan@allanca
+3.0%
since Sep 30
The idea
I believe AI is going to flood the digital world with fake content and fake people, which means trust erodes online and value shifts back to what happens in person. This basket leans into live events, travel and gathering, identity verification as the picks-and-shovels play, and physical brands whose reputation is the real guarantee. It's spread broadly across steady, established names rather than bet on any single one, since I see this as a slow, multi-year shift, not a quick trade. I keep a small cash reserve on the side to add if things dip.
What it owns
- Concerts, sports, gyms, and venues are experiences that artificial intelligence cannot replicate, so demand for them grows as digital trust declines. · Live Nation EntertainmentIt operates the largest pipeline of live concerts and venues, which command premium prices only because screens cannot replicate the experience., TKO Group HoldingsIt owns live sports events that only hold value because they happen in real time in front of audiences, immune to artificial intelligence replacement., Planet FitnessIt offers affordable in-person fitness memberships, competing against digital alternatives by providing a physical third place for habit formation., EPR PropertiesIt owns the buildings where experiences happen, from theaters to theme parks, collecting rent only if venues remain occupied and operational., Sphere EntertainmentIt operates a spectacle venue that cannot be streamed at full value, depending on sold-out residencies and geographic expansion to prove the concept., Vail ResortsIt owns scarce mountain terrain and sells season passes to people seeking real skiing, requiring stable pass sales as prices increase.29%
- Meeting face to face becomes more valuable when digital identity cannot be verified, driving spending on trips and accommodations. · Booking HoldingsIt takes a commission on travel bookings and captures a large share of all trips, benefiting directly when in-person gatherings increase., AirbnbIt connects verified real hosts and guests, a trust mechanism that only works if identity verification prevents fraud from breaking the platform., Marriott InternationalIt provides physical meeting spaces for business and group travel, with brand recognition that guarantees consistent experience across locations., Royal Caribbean GroupIt operates ships where thousands gather for a shared physical experience, requiring steady booking demand and onboard spending to sustain., Delta Air LinesIt operates flights that connect people to in-person experiences, benefiting when premium and corporate travel remain worth the expense.25%
- When online reviews and digital listings become unreliable, consumers buy from brands whose physical presence serves as a guarantee of authenticity. · Costco WholesaleIt charges membership fees because the physical warehouse itself guarantees that products are authentic, a model that works only if renewal rates stay high., Texas RoadhouseIt operates sit-down restaurants where people gather in physical community, competing against delivery apps by offering a shared meal experience., FerrariIt derives value from provenance and verified scarcity, selling waitlist exclusivity and physical authenticity that cannot be faked or replicated., Sprouts Farmers MarketIt sells fresh groceries from physical locations that feel like local markets, differentiating from anonymous delivery by letting shoppers select items themselves.22%
- Proving real identity becomes essential infrastructure in a world where artificial intelligence makes creating false personas cheap and simple. · Clear SecureIt proves identity in person at airports and venues, serving as the infrastructure layer for verifying that humans are real., OktaIt verifies user identity for companies defending against artificial intelligence-generated fake logins and fraudulent accounts., Gen DigitalIt sells identity theft and fraud protection to consumers responding to increased artificial intelligence-driven scams by paying for digital defense., Mitek SystemsIt verifies that identification documents are authentic, serving banks and lenders defending against deepfake fraud through technological detection.16%
- Cash8%