The Priceline Group, Inc. (NASDAQ:PCLN) is a Consumer Discretionary company that provides online platforms connecting retailers in the travel space – hoteliers, airlines, rental cars, restaurants – with consumers. Priceline first became known for its “Name Your Own Price” system, where travelers would name their price for airline tickets and other travel services. The company has since grown to become the global leader among online travel agencies, operating in more than 200 countries through six primary brands: Booking.com, priceline.com, agoda.com, KAYAK, Rentalcars.com, and OpenTable. The stock has more than doubled in the time we have owned it. We think Priceline has a long runway for growth, especially in emerging markets, where industry penetration levels are still much lower than in developed countries.
From Baron Funds' Summer 2016 Newsletter.
