TripAdvisor is a one-of-a-kind asset in a sector that will see secular growth for a long time. It is the world's largest travel site with over 415 million monthly unique visitors, and that figure continues to grow at a double-digit rate. The TripAdvisor brand is synonymous with travel research and planning, and its immediately recognized owl logo is ubiquitous around the world in hotel and restaurant windows. Travel is a $1.6 trillion global market and only about $500 billion of that is spent online. Not only is the travel market itself growing but also online is continuing to take share of the market. The less than one-third online penetration highlights the large opportunity ahead. TripAdvisor has a strong competitive advantage in its user generated content that ensures its position as the go-to site for travel research and planning is sustainable over the long term. Other companies can collect reviews and opinions, and several of them are doing so, but none of them are known as the place to go for travel research and planning. We need no more evidence that TripAdvisor is not at risk from these review-collecting efforts than to simply look at the overwhelming size and continued growth of its site traffic. If other companies were eroding this moat, we would see monthly unique users declining. Of course, that is not the case. Get the full story at Seeking Alpha