Great quarter from Shopee. GMV up 28%, take rate at an all-time high of 14.6%, margin up a second straight quarter. One number in the release still bothers me.

For a decade, Booking attacked Airbnb's core. This quarter the attack ran the other way: Airbnb grew nights 10% vs Booking's 5%, and its hotel nights are growing ~3x faster than homes. I own Booking. The more interesting report was the other one.