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Z/ZG: Tick, Tick, Tick…. Time Is Running Out on the Growth of the Premier Agent Advertising Program as the Top of the...

November 2nd, 2016

Zillow management did it again. The company guided down for the forward quarter and “talked down” margin expectations for the out year. This has become a tried and true practice for...

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Z/ZG: Leads Don’t Grow to the Sky and Other Troublesome Comments from Management

August 5th, 2016

Believe it or not, there was a time even after we adopted a bearish stance on Zillow’s stock that we were allowed to ask questions on the company’s earnings conference calls.  Unfortunately we asked too many difficult...

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Z/ZG: Myth vs. Reality

July 18th, 2016

Over the past month, we surveyd approximately 470 real estate agents.  The vast majority of the agents we surveyed have at least 10-years experience, generate at least 15 transaction sides annually, and work for one of the REAL Trends 500 brokerage firms.  Additionally, a significant...

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Z/ZG: What Is Adjusted EBITDA? Zillow Continues to Hide Elevated Cash Technology Spending in Plain Sight

May 13th, 2016

“EBITDA isn’t a controlled substance or a law enforcement agency. It’s the standard abbreviation for the financial-analysis term “Earnings Before Interest, Taxes, Depreciation and...

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Z/ZG: Where’s the Operating Leverage? And Other Questions That Need to Be Asked

May 4th, 2016

The structural flaws with Zillow’s operating model are all hiding in plain sight.  It’s May 2016, nearly 5-years after Zillow went public and the company is no closer to achieving its theoretical adjusted EBITDA margin...

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Current Ideas

EXPI

SELL/SHORT

$4

HUSQ.B

SELL

$50

UFPI

SELL/SHORT

$45

TREX

SHORT

$18

PRDO

SELL/SHORT

$5

STRA

SELL/SHORT

$42

CWH

LONG

$75

OSTK

LONG

$128

CM

SELL/SHORT

$50

RY

SELL/SHORT

$50

ARC

LONG

$5.50

AYI

SHORT

$50

BIG

SHORT

$28

WWE

LONG

$65

XOXO

LONG

$37

RLGY

PAIR TRADE

$10

RDFN

PAIR TRADE

$30

BCO

LONG

$35

ING.PA

SHORT

$35

TRUP

SELL/SHORT

$10

CTC

SHORT

$101

ATGE

SHORT

$15

HCG.TO

SHORT

$0

RON.TO

SHORT

$9

ESI

SHORT

$0

BGG

PAIR - LONG BGG/SHORT TTC

25%

TTC

PAIR - LONG BGG/SHORT TTC

25%

Z

SHORT

$14.00

NA.TO

SHORT

$22

ZU

SHORT

$15

TRLA

SHORT

$20

MCRS

SHORT

$31

APOL

SHORT

$35

OPEN

SHORT

$30

KNL

PAIR - LONG KNL/SHORT MLHR

25%

CSGP

SHORT

$100

GCA

LONG

$8

IPSU

LONG

$20

MLHR

SHORT

$22

LOOP

PAIR - LONG CSGP/SHORT LOOP

40%

THQI

LONG

$35

WPO

SHORT

$275

COCO

SHORT

$0

HNI

SIG

RGR