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Booking Holdings and Expedia look like a secular short with capped upside as their take rates come under pressure, though probably not within the next 60 days. As with Salesforce, the argument that they could simply run headless will be raised, and the market knows it from SaaS. Take rates should compress first where barriers to bringing inventory online are lowest; the platforms would then respond with aggressive marketing and margin dilution, extending their growth runway somewhat. x.com
