Australian Investors Podcast

In this Booking Holdings Ltd deep dive, we sit down with Alan Pullen from Magellan Investment Partners to analyse the evolution of a travel giant. From its origins as Priceline.com during the dot-com era to its transformative acquisition of Booking.com, we explore how the company’s shift from an agency model to a merchant model has reshaped its financial profile. We break down the "Connected Trip" strategy and examine how the integration of brands like Agoda and OpenTable creates a powerful network effect that continues to dominate the fragmented European and global hotel markets.

As investors look for long-term value, this analysis scrutinises the Booking Holdings moat in the face of rising competition. We address the critical question: Is Google or AI a legitimate threat to their market share, or will these technologies serve as enhancers for their data-driven ecosystem? Whether you are looking at management alignment, loyalty program efficacy, or the investment case for BKNG stock, this episode provides a comprehensive look at the risks and opportunities within the current economic environment.

Alan Pullen is the co-portfolio manager for the Magellan Global Opportunities Fund (ASX:OPPT).

Talking Points:
- William Shatner’s regret: Being paid in Priceline stock
- What hotel reservations used to look like and what happened to Wotif?
- The start of Booking Holdings’ life as Priceline in 1997
- Priceline lists on the Nasdaq in 1999, just before the dot-com crash
- How did Priceline fare during the dot-com crash?
- Surviving the crash and acquiring a small Dutch business called Booking.com
- Booking.com’s original agency business model vs. the merchant model
- How the agency model accelerated Booking’s success and disrupted incumbents
- Booking’s network effect and the fragmented European hotel market
- How has Booking.com competed in markets outside of Europe?
- Booking’s acquisition of brands like Agoda and OpenTable
- Booking’s business model today: The merchant model overtakes the agency model
- Does Booking benefit from the "float" provided by the merchant model?
- Understanding the “Connected Trip” and why the app is vital to Booking Holdings
- OpenTable and Booking’s move into "Experiences"
- The power of Booking Holdings’ data
- How important is the Booking Holdings loyalty programme?
- What is Booking Holdings’ moat?
- What do hotels pay to Booking?
- Booking Holdings’ competitors and business risks
- Is Google a threat to Booking Holdings?
- Is AI a threat or an enhancer for Booking Holdings?
- Management quality: Are incentives aligned with shareholders?
- Macro risks: How exposed is Booking Holdings to economic volatility?
- The investment case for Booking Holdings
- Key questions investors should ask when reading Booking Holdings reports
- How important is US growth for Booking Holdings?
- When is the right time to buy Booking Holdings?

Resources for this episode

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OPPT

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DISCLAIMER

This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. You should consider if the information is appropriate for your situation before acting on it.

If you’re unsure, consult a licensed financial planner. The Rask Group is NOT a qualified tax accountant, financial adviser, or tax professional. You can access The Rask Group’s Financial Services Guide (FSG) here: https://www.rask.com.au/fsg

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In this Australian Investors Podcast episode, your hosts Owen Rask and Drew Meredith discuss:

– US–Iran conflict and what it means for oil prices, inflation and markets

– Magellan’s merger with Barrenjoey and what it means for investors

– Netflix stepping away from the Warner Bros deal

– Reporting season highlights: Block, Woolworths, Apple, NAB and more

If you love learning about investing, markets and portfolio strategy, subscribe to the Australian Investors Podcast on Apple, Spotify, or YouTube!

Follow us on Instagram and TikTok for more investing insights.

Resources for this episode

Ask a question (select the Investors podcast)

Visit TermPlus to learn more

Rask Resources

All services

Financial Planning

Invest with us

Access Show Notes

Ask a question

We love feedback!

Follow us on social media:

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DISCLAIMER:

This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg
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In this Australian Investors Podcast episode, your host Owen Rask is joined by Luke Winchester, founder of Merewether Capital, to discuss:

– How Luke filters 2,000+ ASX stocks down to a high-conviction watchlist
– What makes a quality micro cap in today’s market cycle
– Five ASX micro caps Luke is watching (and in some cases owning)
– Why process, patience and position sizing matter in small caps

If you love learning about micro cap investing, ASX small caps and long-term compounding, subscribe to the Australian Investors Podcast on Apple , Spotify, or YouTube ! Follow us on Instagram and TikTok for more investing insights.

Topics Covered

Luke explains how he narrows 2,300+ ASX stocks to a focused universe of ~100, then to a concentrated portfolio. He discusses avoiding mining explorers, pre-revenue biotechs and heavily loss-making businesses, and why genuine cash flow and scalability matter.
– What part of the market cycle are we in?

The conversation covers interest rates, volatility and why micro caps can offer opportunity when information is scarce and sentiment is weak.

Luke’s 5 ASX micro cap stocks to watch:

LaserBond (ASX: LBL)

– Industrial laser cladding technology extending machinery life.
– High-margin IP and ESG tailwinds
– Recent margin recovery after a capex investment phase
– Key metric: gross margin recovery and utilisation

XRF Scientific (ASX: XRF)

– Analytical lab equipment and consumables for mining.
– High-margin consumables business (strong profit-before-tax margins)
– Exposure to mining activity without being purely exploration-driven
– Key metric: consumables profit growth, not just revenue

Austco Healthcare (ASX: AHC)

– Nurse call and healthcare workflow technology.
– Transition from low-tier products to higher-value integrated systems
– Turnaround story driven by management execution
– Key metric: backlog conversion and recurring revenue growth

Change Financial (ASX: CCA)

– Payments infrastructure and card issuing platform.
– Platform-style economics with operating leverage
– Inflection point in profitability
– Key metric: revenue growth and scale across its fixed cost base

Kip McGrath Education (ASX: KME)

– Tutoring franchise with education tech upgrades.
– Turnaround after US expansion missteps
– Strong free cash flow as capex moderates
– Key metric: franchise network growth and cash generation
– Which stock is most misunderstood?
– Luke highlights LaserBond as a business where short-term margin pressure obscured
long-term value.
– Final reflections on process and discipline
– Why separating business performance from share price volatility is essential in micro cap
investing.

Resources for This Episode

– Merewether Capital website
– Episode 1/2 with Luke Winchester
– Subscribe to Luke’s free monthly updates via Merewether Capital

Rask Resources

- Explore all Rask services

- Get Financial Planning

- Start investing with Rask

- Access Show Notes

- Ask a question – just select the Investors Podcast

Follow us on social media:
– Instagram: @rask.invest
– TikTok: @rask.invest

DISCLAIMER
This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. You should consider if the information is appropriate for your situation before acting on it. If you’re unsure, consult a licensed financial planner. The Rask Group is NOT a qualified tax accountant, financial adviser, or tax professional. You can access The Rask Group’s Financial Services Guide (FSG) here.

#Investing #Finance #AustralianInvestorsPodcast
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In this Australian Investors Podcast episode, your hosts Owen Rask and Drew
Meredith discuss:
– NVIDIA’s 73% revenue growth and what it means for Aussie investors
– Why the ASX rally may be dangerously narrow
– WiseTech cutting 2,000 jobs and what AI means for software
– Major ASX results: Woolworths, Domino’s, ARB, Accent & more
If you love learning about long-term investing, markets and business analysis,
subscribe to the Australian Investors Podcast on Apple , Spotify , or YouTube!
Follow us on Instagram and TikTok for more investing insights.

Topics Covered

– NVIDIA earnings & AI disruption
– ASX reporting season recap
– Narrow market breadth warning
– Rate hike probabilities
– Portfolio hedging strategies
– Career pathways in finance
– Commercial property vs index investing
– Big investing “what if” scenarios

Resources for this episode

Buy Gemma’s book “The Money Reset”

Ask a question (select the Finance podcast)

Show partner resources

Join Pearler using code “RASK” for $15 of Pearler Credit

Get 50% off your first two months using PocketSmith

View Betashares range of funds

Rask resources

All services

Financial Planning

Invest with us

Access Show Notes

Ask a question

We love feedback!

Follow us on social media:

Instagram: @rask.invest

TikTok: @rask.invest

DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg
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Andrew Lockhart, Founder of Metrics Credit Partners, joins us to walk through three ASX-listed income opportunities within the Metrics stable. We’ll trace the firm's history from the very beginning and unpack their core investment approach through the lens of these three specific funds.

Talking points
- Who is Andrew Lockhart?
- Why start a business in the private credit space
- What do you look for in an analyst when you’re hiring
- Is there more competition today for origination?
- A walk through of ASX listed funds, MRE, MOT and MXT
- What does inflation mean for the return profile of private credit and real estate funds
- What are the present risks to returns in these funds
- What if your portfolio is already full of property exposure?
- How can I see the pipeline of developments in the Metrics funds
- Where does Andrew lunch among the Metrics hospitality venues

Links to the listed funds mentioned in this episode:

Metrics Real Estate Multi-Strategy Fund (ASX: MRE) https://metrics.com.au/listed-funds/metrics-real-estate-multi-strategy-fund/
Metrics Income Opportunities Trust (ASX: MOT) https://metrics.com.au/listed-funds/metrics-income-opportunities-trust/
Metrics Master Income Trust (ASX: MXT) https://metrics.com.au/listed-funds/metrics-master-income-trust/

Rask Resources

All services

Financial Planning

Invest with us

Access Show Notes

Ask a question

We love feedback!

Follow us on social media:

Instagram: @rask.invest

TikTok: @rask.invest

DISCLAIMER:

This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg
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