Booking Holdings' real durability comes from operational scale (thousands of staff managing partner relationships, huge listing/transaction volume comparable to or exceeding Airbnb) and from the complexity of navigating heavy global travel regulation, which new AI-native entrants underestimate.
Fogel says incumbents' scale in partner management and their ability to absorb complex, tightening global travel regulation are real advantages that naive new entrants underestimate. ✦ AI generated
Glenn Fogel · No Priors · 2026-07-09 · original ↗
starts at this moment · 28:46
“Are there other aspects of your business that you view especially durable going into this era?”
It's so much more complex than I believe many other people who look at this industry from afar... the regulatory framework around the world dealing with travel is a very highly regulated... if you want to be merchant of record in travel, you got to adhere to a whole bunch of rules... if you think you're just going to come in and do this business and knock away these very big players, I say you should really understand what the business is before you decide to commit your capital.
verbatim transcript · starts at 28:46
28:46the partners ways that we're helping them a lot again a lot of people understand the complexity involved it's not just get the inventory loaded into the database anybody can do that that's nothing we got thousands of people who are dealing with hotels and other property managers how can we do your business better what do you need where you need more demand where are you hurting what can you doing something
29:13your system is better it's so much more complex than I believe many other people who look at this industry from afar and what secondly and this is something that really people don't understand is the regulatory framework around the world dealing with travel is a very highly regulated now it's not a bank okay got it and it's not an air you know airlines that's that or it's you know not drug
29:39disco but it is very regulated And it's complex and you've got to meet it. And if you want to be merch of record in travel, you got to adhere to a whole bunch of rules etc. And by the way, around the world much more than the US around the world those regulations are increasing or not saying so exponentially, but let's say they're increasing. That too is something that
30:03if you're big at scale, you can afford to deal with that. And if you think you're just going to come in and do this business and knock away these very big players, I say you should really understand what the business is before you decide to commit your capital. >> So I guess um if you reflect on life or you reflect on things looking forward because I mean you've had an incredible
30:26run, right? And and the run is by no means over, you know, you still have so much stuff you're working on and doing. In >> fact, I think we're just a good start. No, this is I totally the most exciting time ever. Ever because of the ability to build these new things. >> Yeah, I I I agree. I mean, I think this is a transformative moment. >> Totally.
30:45>> Uh in terms of this technology and the world and society and everything else and you know, it's so exciting to be in the middle of all this and obviously you all are playing a really prominent role in one aspect of that or a key aspect. Um you know, you you joined uh Priceeland to your point when it's in the hundreds of millions. The stock is now, you know, $130 billion plus