Last Friday was a rough trading day in the residential real estate services space for ardent supporters of the efficient market hypothesis. After all, the original case against the National...
READ MORE >“And I guess I lost my way There were oh so many roads I was living to run and running to live Never worried about paying or even how much I owed” Seger, Bob. “Against the Wind”. Against the Wind....
READ MORE >“And I just wanted to talk about my attitude or our attitude toward iBuying. As we tried to make clear over the past 6 months, the demand is real and it's very strong. So we are quite...
READ MORE >“Look, look, you don't have to be any good. I mean all you have to do is have someone less good along with you. That's the whole theory behind fishing” Murdock, Dwight...
READ MORE >“I still think that the target model that we've laid out, dating all the way back to the IPO, and again, at the Investor Day a couple of weeks ago, is the right margin framework for the...
READ MORE >In our note following Zillow’s 2Q18 results we wrote the following about the changes to how leads are delivered for the company’s Premier Agent advertising program (subsequently dubbed PA...
READ MORE >“At this point, we're clearly bias towards scale over profitability, but because we've been selling the houses so much faster than we anticipated, the return on equity has been better...
READ MORE >“Then he clambered to the top of the pile, dropped to his knees, and began gleefully digging out scoop after scoop with his bare hands. 'What do you think you're doing?' the...
READ MORE >“About this time, someone is telling you to get on the plane. "Get on the plane. Get on the plane." I say….. I'm getting IN the plane! IN the plane! Let Evil Knievel get ON...
READ MORE >With management’s usual flair for the dramatic and acute sense of self-importance, Zillow announced yesterday that it plans to buy and sell homes on the open market through expansion of the...
READ MORE >“Somethin' ain't right. Gonna get myself, I'm gonna get myself Gonna get myself connected I ain't gonna go blind For the light which is reflected I see through...
READ MORE >Even through the prism of what some might argue are “jade colored glasses”, we cannot find enormous fault with Zillow’s 3Q17 earnings results and 4Q17 outlook. The company delivered a modest topline beat largely due to better than...
READ MORE >The attached powerpoint presentation summarizes our findings from our 8th annual survey of real estate agents in the United States.
READ MORE >Redfin is trying to get rid of buyers' agents, and we'll see how that goes. As I said previously though, we are focused on doing something different. We are brokerage-agnostic is the way for...
READ MORE >Approximately two weeks ago, Spencer Rascoff, CEO of Zillow published a post on LinkedIn entitled: “Why Some Investors Care About Culture”. In the post, Mr. Rascoff lauded two (unnamed) investors that are large...
READ MORE >“Mark, on the CFPB, we don't break out the amount of the revenue that comes from co-marketing efforts, but we have said and it continues to be the case that it's a small portion of overall revenue.” Kathleen Phillips, CFO Zillow, 1Q17 Earnings Conf. Call....
READ MORE >“Prior to and during the live conference call, investors may submit questions via Sli.do (www.slido.com). By entering the event code #ZEarnings on the Sli.do homepage, participants will be placed into the queue where they...
READ MORE >Approximately 18-months ago, we published a report entitled: “Is Zillow’s ARPA Growth Miracle Over? The Demise of the “MSA” in the Mortgage Channel Suggests It Could Be, Reducing Estimates”. In...
READ MORE >In many ways the investment case for or against Zillow increasingly can be distilled to one single question: Does the company’s current cost structure reflect investments for growth or simply...
READ MORE >SELL/SHORT
$4
SELL
$50
SELL/SHORT
$45
SHORT
$18
SELL/SHORT
$5
SELL/SHORT
$42
LONG
$75
LONG
$128
SELL/SHORT
$50
SELL/SHORT
$50
LONG
$5.50
SHORT
$50
SHORT
$28
LONG
$65
LONG
$37
PAIR TRADE
$10
PAIR TRADE
$30
LONG
$35
SHORT
$35
SELL/SHORT
$10
SHORT
$101
SHORT
$15
SHORT
$0
SHORT
$9
SHORT
$0
PAIR - LONG BGG/SHORT TTC
25%
PAIR - LONG BGG/SHORT TTC
25%
SHORT
$14.00
SHORT
$22
SHORT
$15
SHORT
$20
SHORT
$31
SHORT
$35
SHORT
$30
PAIR - LONG KNL/SHORT MLHR
25%
SHORT
$100
LONG
$8
LONG
$20
SHORT
$22
PAIR - LONG CSGP/SHORT LOOP
40%
LONG
$35
SHORT
$275
SHORT
$0