Travel didn't disappear. Travel agents did.

For decades, booking a flight meant relying on someone with exclusive access to airline systems, pricing, and inventory. Then the internet changed everything.

The travel industry didn't shrink, it expanded.

The middleman disappeared.

In this episode of the Manhattan Podcast, we explore one of the most powerful business patterns in modern history: when distribution changes, industries transform.

From travel agents and Expedia to Airbnb and digital marketplaces, we examine how platforms replaced intermediaries and why infrastructure consistently creates more value than ownership alone.

More importantly, we explain why the same structural transformation is now reshaping private capital markets.

As private credit grows and technology opens access to opportunities once reserved for institutions, capital is beginning to move through new networks, new platforms, and new infrastructure.

History doesn't repeat, but it often rhymes.

If you want to understand where the next generation of investment opportunities will emerge, understanding this pattern is the first step.

• Why travel agents became obsolete
• How Expedia and Airbnb transformed an entire industry
• Why distribution is often more valuable than the product itself
• The rise of platforms over traditional intermediaries
• What this means for private credit and capital markets
• Why access may become the most valuable asset in investing