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094540</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2025/04/image-1.png</image:loc><image:title>image</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2025/04/image-2.png</image:loc><image:title>image</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2025/04/image.png</image:loc><image:title>image</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2025/04/image-4.png</image:loc><image:title>image</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2025/04/image-3.png</image:loc><image:title>image</image:title></image:image><lastmod>2025-04-15T13:06:28+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://traviswiedower.com/2025/02/18/olympus-is-trying-to-create-the-most-well-designed-currency-in-the-world/</loc><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2025/02/price.png</image:loc><image:title>price</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2025/02/ohm.png</image:loc><image:title>ohm</image:title></image:image><lastmod>2025-02-18T23:53:34+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://traviswiedower.com/2024/12/17/lemonade-2024-review-and-2025-preview/</loc><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2024/12/profit.png</image:loc><image:title>profit</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2024/12/image-9.png</image:loc><image:title>image</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2024/12/image-8.png</image:loc><image:title>image</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2024/12/image-7.png</image:loc><image:title>image</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2024/12/image-6.png</image:loc><image:title>image</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2024/12/image-5.png</image:loc><image:title>image</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2024/12/image-4.png</image:loc><image:title>image</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2024/12/image-3.png</image:loc><image:title>image</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2024/12/image-2.png</image:loc><image:title>image</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2024/12/image-1.png</image:loc><image:title>image</image:title></image:image><lastmod>2024-12-17T22:12:08+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://traviswiedower.com/2023/10/19/lemonade-short-term-headwinds-will-soon-be-tailwinds/</loc><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2023/10/opex-gep.png</image:loc><image:title>opex-gep</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2023/10/pizza.png</image:loc><image:title>pizza</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2023/10/industry.png</image:loc><image:title>industry</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2023/10/adr.png</image:loc><image:title>adr</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2023/10/gross-loss-time.png</image:loc><image:title>gross-loss-time</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2023/10/gross-loss-ex.jpg</image:loc><image:title>gross-loss-ex</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2023/10/gross-loss.png</image:loc><image:title>gross-loss</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2023/10/ppc-1.png</image:loc><image:title>ppc-1</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2023/10/ppc.png</image:loc><image:title>ppc</image:title></image:image><lastmod>2024-08-08T12:48:01+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://traviswiedower.com/2019/02/20/netflix-the-powerful-combination-of-scale-and-network-effects/</loc><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2019/02/nflx-hulu-cost-per-user-1.png</image:loc><image:title>NFLX 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usage</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2019/10/10k-sites.png</image:loc><image:title>10k sites</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2019/10/entire-internet.png</image:loc><image:title>entire internet</image:title></image:image><lastmod>2019-10-28T14:11:17+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://traviswiedower.com/2019/07/11/spotifys-moats-management-and-unit-economics/</loc><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2019/07/music-share-over-time.png</image:loc><image:title>music share over time</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2019/07/podcast-monetization.png</image:loc><image:title>podcast 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flywheel</image:title></image:image><lastmod>2019-07-11T13:28:52+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://traviswiedower.com/2017/08/01/like-founder-led-small-caps-heres-a-list-of-all-of-them/</loc><lastmod>2019-06-26T21:36:23+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://traviswiedower.com/2019/05/23/how-incentives-can-improve-congress/</loc><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2019/05/austin.png</image:loc><image:title>austin</image:title></image:image><lastmod>2019-05-23T17:39:19+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://traviswiedower.com/2019/04/24/what-makes-a-great-business/</loc><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2019/04/diseconomies-of-scale.png</image:loc><image:title>diseconomies of scale</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2019/04/network-effects-flywheel.png</image:loc><image:title>network effects flywheel</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2019/04/economies-of-scale-flywheel.png</image:loc><image:title>economies of scale flywheel</image:title></image:image><lastmod>2019-04-26T13:05:10+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://traviswiedower.com/2017/04/25/why-i-avoid-acquisitive-companies/</loc><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2017/04/types-of-growth.jpg</image:loc><image:title>Types of Growth</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2017/04/roic-goodwill.jpg</image:loc><image:title>ROIC Goodwill</image:title></image:image><lastmod>2019-04-20T20:15:40+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://traviswiedower.com/2019/04/16/zooplus-vs-amazon-in-battle-for-the-european-pet-supply-market/</loc><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2019/04/2019-comparison.png</image:loc><image:title>2019 comparison</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2019/04/2018-comparison.png</image:loc><image:title>2018 comparison</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2019/04/retention-and-order-frequency.png</image:loc><image:title>Retention and order frequency</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2019/04/cac.png</image:loc><image:title>CAC</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2019/04/gross-vs-operating-margin.png</image:loc><image:title>Gross vs operating margin</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2019/04/market-growth-and-share.png</image:loc><image:title>Market growth and share</image:title></image:image><lastmod>2019-04-16T15:17:13+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://traviswiedower.com/2019/04/03/why-public-companies-should-put-more-effort-into-investor-relations/</loc><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2019/04/long-term-flywheel.png</image:loc><image:title>Long-term flywheel</image:title></image:image><lastmod>2019-04-03T14:31:06+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://traviswiedower.com/2019/03/27/interactive-brokers-maintains-its-strong-moat-but-kpis-worsen/</loc><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2019/02/ibkr-revenue-by-type.png</image:loc><image:title>IBKR revenue by type</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2019/02/ibkr-pretax-margin.png</image:loc><image:title>IBKR pretax margin</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2019/02/ibkr-kpis.png</image:loc><image:title>IBKR KPIs</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2019/02/ibkr-segment-growth.png</image:loc><image:title>IBKR segment growth</image:title></image:image><lastmod>2019-03-27T15:58:46+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://traviswiedower.com/2017/03/27/book-review-sam-walton-made-in-america/</loc><lastmod>2019-03-25T14:12:51+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://traviswiedower.com/2015/02/26/hornbeck-offshore-services-hos/</loc><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2015/02/hos-2016-cash-flow-projections.jpg</image:loc><image:title>HOS 2016 cash flow projections</image:title></image:image><lastmod>2019-03-19T16:25:42+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://traviswiedower.com/2015/02/27/hornbeck-book-value-update/</loc><lastmod>2019-03-19T16:25:17+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://traviswiedower.com/2015/03/31/lgi-homes-lgih/</loc><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2015/03/capture.jpg</image:loc><image:title>Capture</image:title></image:image><lastmod>2019-03-19T16:24:58+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://traviswiedower.com/2015/05/01/hornbeck-first-quarter-2015-update/</loc><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2015/05/hos-peer-group1.jpg</image:loc><image:title>hos peer group</image:title></image:image><lastmod>2019-03-19T16:24:31+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://traviswiedower.com/2015/05/11/khan-resources-kri/</loc><lastmod>2019-03-19T16:24:09+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://traviswiedower.com/2015/05/27/navigator-holdings-nvgs/</loc><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2015/05/navigator-holdings-nvgs-valuation1.jpg</image:loc><image:title>Navigator Holdings NVGS Valuation</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2015/05/asian-lpg-demand.jpg</image:loc><image:title>Asian LPG demand</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2015/05/north-american-export-capacity.jpg</image:loc><image:title>North American export capacity</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2015/05/propane-butane-price-spreads.jpg</image:loc><image:title>Propane and butane price spreads</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2015/05/feedstock-costs.jpg</image:loc><image:title>petrochemical feedstock costs</image:title></image:image><lastmod>2019-03-19T16:21:12+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://traviswiedower.com/2015/07/06/compensation-matters/</loc><lastmod>2019-03-19T16:20:37+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://traviswiedower.com/2015/07/19/is-patent-reform-inevitable/</loc><lastmod>2019-03-19T16:20:13+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://traviswiedower.com/2015/08/02/virtra-systems-when-compensation-matters/</loc><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2015/08/asd.jpg</image:loc><image:title>virtra-systems</image:title></image:image><lastmod>2019-03-19T16:19:53+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://traviswiedower.com/2015/08/25/embrace-volatility/</loc><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2015/08/capture.jpg</image:loc><image:title>S&amp;P 500 returns</image:title></image:image><lastmod>2019-03-19T16:19:23+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://traviswiedower.com/2015/08/31/consolidated-tomoka-no-downside-unknown-upside/</loc><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2015/08/cto-valuation.png</image:loc><image:title>cto-valuation</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2015/08/mp-working-file_cto-aerial-daytona-beach-florida-with-acreage1.jpg</image:loc><image:title>cto-acreage</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2015/08/land-owned-sold-and-for-sale.jpg</image:loc><image:title>daytona-beach-real-estate</image:title></image:image><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2015/08/value.jpg</image:loc><image:title>consolidated-tomoka-valuation</image:title></image:image><lastmod>2019-03-19T16:18:56+00:00</lastmod><changefreq>monthly</changefreq></url><url><loc>https://traviswiedower.com/2015/09/17/macro-enterprises-below-liquidation-value-and-profitable/</loc><image:image><image:loc>https://traviswiedower.com/wp-content/uploads/2015/09/prince-rupert-gas-transmission.png</image:loc><image:title>Prince 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