We wrote about TripAdvisor (TRIP) almost a year ago when the company was struggling to turn its really well-visited website into a bookings platform in order to monetize all that traffic.
This has always been the basic problem for the company: how to monetize the millions that visit their website in order to read reviews about destinations and hotels and what not, but then book their trip elsewhere.
It's has also been a bit of a conundrum for investors, at least for us. We do happen to like these platform businesses a lot and if you look at valuations, many investors seem to agree.
