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"Not all those who wander are lost." - JRR Tolkien
One of the most frequent monsters in investors' collection of nightmares is "thesis creep." This is when the dynamics have changed to the point where you can barely recognize the original reasons why you invested in the company in the first place. We are witnessing thesis creep in TripAdvisor's (TRIP) hotel business as we speak.
But as it happens, I also just finished listening to a terrific book, The Beginning of Infinity (thank you to Dan Roller at Maran Capital, if you're reading this!) in