Mark Walker presented his in-depth investment thesis on TripAdvisor (Nasdaq: TRIP) at Wide-Moat Investing Summit 2017.
TripAdvisor shares have fallen by ~60% over the last two years due to a business model augmentation that is temporarily depressing profits but reinforcing the strong competitive position and improving the long-term prospects of the business. With consecutive quarterly earnings reports missing analysts’ short-term forecasts and causing share price declines of roughly 20% on both occasions, TRIP shares were recently available at a market quotation that considerably undervalues this exceptional reinvestment moat business.
Mark Walker developed a passion for long-term value investing independently while working in equity research on the sell side. He left to find a working environment more conducive to sound investment practice, one in which competitive edge is behavioral, characterized by inaction, fostering independent thought, intellectual humility, and patience. Today he works for a small fund in London as a global equity research analyst.
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