$ABNB sliding moat; slumpy housing market + recession incoming

- ABNB has a sliding moat problem
- slumpy housing market + recession incoming should lead to compressed multiple

- ABNB used to be wall street poster child and commanded premium multiple but that moat is no longer here.

- BKNG is the OG of travel booking.
- ABNB is useful only when you are travelling in a big group where booking rooms in a hotel becomes expensive.

- Nothing unique about ABNB, Verbo offers same thing and many hotel aggregator has started showing individual properties owned by owner.

- Regulation in cities in favour of long term tenants is welcomed as it will help in easing inflation for rental units which is always sticky.

- Technicals looks like a wedge which should break to the downside. Ideally, ABNB should trade below $85 to look compelling investment.

- Otherwise avoid this stock