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Several things in this edition are not what they seem. A popular housing policy with no evidence behind it. AI that creates more work the better it gets. Travelers who want personalization but won’t share their data. A caricature that may be more honest than your brand guidelines.

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A few stories in this newsletter are about gaps. What many predicted for Google hasn’t played out that way. Founders tend to lead with conviction, while hired leaders often play it safe. The most valuable travelers are not the ones most products are built for. And Airbnb’s formal loyalty score doesn’t line up with its NPS.

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