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In the maiden episode of The Patient Investing Blueprint, Blue Stamp’s Portfolio Manager, Brock McCamley, sits down with Marmalade co-founder Luke Trickett to chat about Marmalade, the problem it solves in the market, the story behind it, how it’s different to existing solutions, and the secret sauce (better put, “sauces”) that will insulate Marmalade’s business from competitive threats.
The online travel agency (OTA) or ‘intermediary’ industry contains some of the highest quality businesses we’ve come across, including Airbnb (ABNB.NAS) and Booking Holdings (BKNG.NAS), whose revenue streams we view as royalties on global travel spend. After many years of consolidation since the industry’s inception in the early 90’s, significant amounts of hotel and other short-term accommodation bookings are now completed through the largest global OTAs, with the previous leader Expedia (EXPE.NAS) now in second place behind BKNG – and ABNB hot on its heels.
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The adage “sex sells” couldn’t be more fitting for today’s topic – Grindr (GRND.NYSE), the world’s dominant gay ‘hookup’ app. Due to some fundamental differences between the gay male community and the heterosexual community, GRND benefits from some incredible network dynamics that place it among the best businesses in the world. It’s night and day between GRND and its heterosexual dating app peers, Match Group (MTCH.NAS) and Bumble (BMBL.NAS).
Similar to how we view Airbnb (ABNB.NAS) and Booking Holdings (BKNG.NAS) as royalties on global travel spend, we believe GRND is effectively a royalty on gay sex – and boy is business booming…