Ann: Record result, page-6

I agree with both of you. I did the same as @LandBarge, buying my full allotment in the COVID CR and then on-market in the weeks ahead. Only with hindsight did that turn out to be the right play. At the time I remember thinking the company could just as easily be in admin in a few months, following the path of many other travel companies. I can't commend Gusic and the board highly enough for going hard and fast when it came to the CR, surviving the almost-fatal plunge, and the excellent results they've delivered since then.

I'm with@juneauquan in not wanting a dividend. WEB is one of the few companies where I actually trust the management to do what's best for the company and shareholders. That's a rare thing for me these days. These guys have a track record of spending money wisely. For that sense of security and the results, I'm happy to forego the relatively small amount of cash in dividends every year in the belief that I'll see bigger returns by hanging on.

As@LandBarge rightly says, the problem with my (our) strategy is that I'll have to sell the shares to see the profit. That'll be a pity, but you're right, everything has a use-by date and at some point WEB will level out and it'll be time to sell. Until then, I think there's ample room for strong growth via the WebBeds plan – they're well on track to meet their target of $10 billion TTV by 2030). Before then, I always think there's a chance of the Black Swan event of a takeover by HotelBeds or Expedia (my guess), which would send the share price into the stratosphere. For that alone, I'm happy to stay.

It won't be a straight line up, there will be troughs along the way. But to have a great stock like WEB in my stable is enough for me. Sleeping well at night is nice.