Optimistic Growth Prospects for Travel + Leisure Co: Strong Performance, New Projects, and Timeshare ImprovementsWe had expected tours to inflect, which feels more 4Q now, but we will take a VPG beat any day. More structurally, we believe TNL drove higher VPG on better curated/targeted events. Our understanding is that this is an area of investment and focus (that, admittedly, was not on our radar) and manifested in the 3Q beat. We are not expecting the same success in 4Q, but we believe this is a trend, not just a blip. If this continues, we imagine it would be thesis-changing for those not involved. Without getting ahead of ourselves, SI (and its parent company Authentic Brands) only accelerates this dynamic.