The experience economy

The experience economy

Putting durable growth themes to work

This theme is based on a growing preference for experiences over material possessions. More consumers are seeking to spend money on live entertainment and events, luxury travel and destinations, or interactions within social communities.

We believe the appeal of experiences has become more widespread after the pandemic lockdowns in 2020.

This demand, combined with higher levels of personal savings, should help a number of businesses grow at above-market rates for an extended period of time.

Airbnb (ABNB)

  • We believe Airbnb is showing accelerated market share gains over traditional accommodations, and we believe these gains will be durable
  • One key strength is the company's two-sided network serving both hosts and guests
  • Airbnb has impressive global reach (over 200 countries), and over 80% of traffic is direct and comes from unpaid channels.

A decade ago, we noticed that how people see their pets had changed. Rover wasn't just there to fetch slippers anymore—he was a bona fide family member—providing certain sectors and companies with long-term advantages.

of pets

Patients' genetic makeup will become integral to diagnosis, treatment, and therapy — and some companies are well positioned to see ongoing growth from it.


With more than 80 million mobile phone peer-to-peer payment users in the United States alone, electronic money transfers, e-commerce transactions, and one-button checkout are taking share from cash and physical credit card payments—and giving companies with certain structural advantages an edge.

e-Commerce and
payment processing

Self-driving vehicles are only in the testing phase; the opportunity for semiconductor companies to supply these markets is already growing at above-market rates.

Autonomous and
electric vehicles

Most companies now recognize that digital marketing's essential for growth—and their investments are driving growth in data-driven tools on social media, mobile applications, email, search engines, and websites.


5G technology will improve wireless speeds and let users connect to more devices at once, facilitating the Internet of Things. The rapid growth in connected devices and systems will drive carriers to invest rapidly in 5G networks.

5G connectivity and
the Internet of Things

COVID-19 has driven major changes in consumer-purchasing preferences, human communication, and workflows. We are identifying companies across a multitude of industries that will be beneficiaries once the dust settles.


The demand for cloud computing is on the rise as more businesses find it essential to transition their on-site information technology systems to the cloud.

Our philosophy is simple: growth potential, but make it durable.