If you were evaluating new business opportunities in travel, in which bucket would you place these various travel sub-verticals?

Definition:

Structurally positive means that something has finally caught on—there’s no going back to the older, worse, more expensive alternative. This is a potentially good investment opportunity.

Ephemerally negative: consumption has been rendered challenging for the time being, but there is a lot of latent demand which will be soaked up once activity returns. This is a potentially good investment opportunity.

Ephemerally positive: under the mistaken assumption that the euphoria for something temporary carries over into permanence. A one time boost as opposed to a long term change of habits. This is a potentially bad investment opportunity.

Structural negative.  Negative long term perspective, with no likelihood of improving. This is a potentially bad investment opportunity.