There is no such thing as a durable moat in business — any competitive advantage can vanish tomorrow, and the only way to win long term is to keep developing new services and better ways of doing things.

27:38you know over the last 5 years we've been growing for the last 5 years we've grown faster than Airbnb in the alternative accommodation area we do like to like we've been growing faster the last 5 years it's a great product great thing it's going very well your question though does that give us an advantage so to speak against somebody who comes in, all they're doing is creating a nice AI authentic type system

28:00and how you going to get the connectivity to these players or not. And I'll say there is no such thing as a moat. There is no such thing as something where you're going to be uh protected against innovation. And that's what I try and get across to the team. You got 25,000 employees and I try and get this across to everybody that every day we've got to be fighting. And yeah,

28:24today we have a competitive advantage on areas absolutely but those can go away tomorrow. The only way to win the only way to win long term is to continue to develop new services, new ways to do things, come up with this agentic travel assistant that I want this universally that will make it so much better. That's the only way and working on the other side by the way also very important with

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