Tripadvisor, Inc. (TRIP, Financial) is an online travel company where users can browsereviews and plan trips. Shares fell on concerns that new COVID-19 variants would delay the recovery of the travel industry. In addition, investors appeared concerned that Tripadvisor’s new Tripadvisor Plus subscription offering, which launched in June, would face competitive pressures. We do not believe traditional loyalty programs will be materially competitive with the upfront savings offered by Tripadvisor Plus. We also think Tripadvisor is well positioned to benefit from pent-up consumer demand for travel.
From Ron Baron (Trades, Portfolio)'s Baron Focused Growth Fund second-quarter 2021 letter.