Sometimes you just don’t know people. Or what drives them. And so mistakes can be made when you try to equate what seems to add up as obvious in your mind with what actually transpires in reality.

These are the voting results for the TripAdvisor Annual meeting. It takes a LOT to produce a vote this lopsided against you.

Note to future self: Some people just don’t care about optics and reputation. And if the investment in question is just a small % of their net worth, then they can and will think differently. And often poorly for you.

If you are asking, TripAdvisor remains a conundrum. You have a melting core on a consistent Google flame and the Viator asset appears woefully undervalued. It seems very difficult to separate them given traffic flows. The stock is very cheap on the math. Some people bid this to 30 a year ago when a takeover seemed like a resolution of the Liberty/Maffei situation. We disagreed and sold. We lurk here in the low teens.