This is stupid. Really. Here we are in a world where the companies that own the assets (you know, the things that cost a lot of money) are worth less than the things that don't own anything. This doesn't seem "right" or "fair" in the sense that Priceline should be a middleman, unable to exercise any or all pricing power because it does not control the assets producing the revenue. I wonder how long this can last?
No surprise. The value of Physical stuff is approaching zero, while virtual stuff is becoming more valuable.