Shares of global ski resort operator Vail Resorts, Inc. (MTN, Financial) increased in the quarter. This was due to expectations that the upcoming ski season will enjoy a quick recovery given strong pent-up demand. Vail should benefit from skiing's status as an outdoor sport that can be conducted in a socially distanced manner. Vail may lose some of its higher-margin destination traffic as people continue to avoid flying due to the pandemic, but the company continues to benefit from local skiers who account for about 50% of its visitors.
From Ron Baron (Trades, Portfolio)'s Baron Partners Fund third-quarter 2020 shareholder letter.
