For patient investors, an attractive industry is travel and leisure.
Brexit and tariffs weighed on the sector last quarter.
We continue to believe the shares are undervalued.
TripAdvisor would be most affected; Booking and Expedia less so.
We continue to expect earnings to accelerate starting next year.
The narrow-moat firm is fairly valued, and we believe investors looking for online travel exposure should look to undervalued Expedia.
It's enhancing long-term growth prospects in an increasingly uncertain macro environment.