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Booking Holdings is a key player in the global travel market, operating across 220 countries and territories. The company's portfolio includes Booking.com, KAYAK, and other recognized brands. However, recent financial results and valuation metrics suggest the stock may be priced near the top of its fair value range. Macroeconomic and geopolitical headwinds give reasons to reconsider investment. While the company has long-term merit, the margin of safety is outside the comfort zone.

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