To be a Marriott Vacations Worldwide shareholder, you need belief in the long-term staying power of vacation ownership and the company's ability to expand its reach and maintain profitability as consumer preferences evolve. The latest earnings report showed strong year-over-year growth in profits and sales, but the reaffirmed full-year guidance suggests the results do not materially change the near-term catalyst, the ongoing lift from first-time buyer momentum. The main risk remains a potential slowdown in owner sales and declining value per guest, neither of which appear to be immediately impacted by this quarter's news.