Booking Holdings should be placed on a watchlist because its current valuation does not present a compelling buying opportunity.

“But that's why I agree with you. I would put Booking.com on the wait list and not yet not yet invest.”

Booking Holdings is currently too expensive and does not provide an adequate margin of safety to justify an investment given the significant disruption risks.

“At today's levels, it doesn't feel like even though you could model really good returns in paper, my gut instinct tells me that it's not an asymmetric bet in our favor because I don't believe that these major disruptive risks and all the uncertainty facing the future of how we book travel.”

Nvidia is not overvalued because its technology is fundamental to the entire global economy and artificial intelligence.

“I could argue for the value that is created in the entire ecosystem, they're undervalued.”