Log In

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...

READ MORE >

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...

READ MORE >

Z/ZG: It’s Strange

February 12th, 2016

Things have been quite different in Internet TAM-land for the past 3-6 months.  Seemingly overnight investors have held companies in the space to a higher standard of operating metrics, profitability and cash flow (do not confuse the relative “higher” with the absolute “high”). In a shock...

READ MORE >

Z/ZG: Desperate Times, Desperate Measures – The Implications of Eliminating “Featured Listings” & Other Changes...

February 5th, 2016

It’s one of the more laborious, mind-numbing, and tedious exercises we have conducted on any investment idea, but it has proven to be the most revealing. Of course, we’re talking about the task...

READ MORE >

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