Log In

CSGP: Have You Noticed?

October 29th, 2015

It truly is remarkable. Quarter after quarter, CSGP management talks about phenomenal traffic gains for its flagship properties and explosive growth in bookings.  Yet, when the rhetoric melts away and questions are asking about organic or “core” revenue growth the answers are considerably...

READ MORE >

CSGP: A Year From Now, Who Will Remember Brad Bellflower? Cutting Adjusted EBITDA and EPS Estimates

June 8th, 2015

Now that was a press release straight out of the late 1990’s tech company playbook.  Even for a management team that’s renown for its constant self-promotion and “smoke and mirrors” games with growth metrics,...

READ MORE >

CSGP: Why Are Investors Excited About CoStar’s Capital Intensive, Margin Dilutive Market Share Grab in Rentals?

May 1st, 2015

“Yeah. I'm not buying that stock [Apartment finder] at that price [14x EBITDA]. I will buy that stock at half that price.”-          Andy Florance, CEO CoStar Group, Inc. 4/30/15Just an...

READ MORE >

CSGP: Throwing the Marketing Gauntlet Down in Rentals Could Have Negative Implications for Everyone, Including CSGP and...

February 17th, 2015

“So hold on tight, with all your might… Cause MC's [market caps] crumble when we rumble… Cause in this battle, I’m takin no prisoners, I’m slayin MC's right on the...

READ MORE >

Z/CSGP: Can Rentals Save the Zillow Narrative? Don’t Count On It; CSGP Increasingly Looks Like a “Leap of...

October 31st, 2014

“…the long-term opportunity for Rentals, we look at competitors in the rental space kind of pure play what they call ILSs or Internet Listing Sites, Internet Listing Services and we see a couple...

READ MORE >

MCRS: Closing Out Short Idea with a Loss of (-41.3%), Alpha Generation of 5.8%

June 23rd, 2014

“Oracle is focused, focused like a laser on one goal over the next few years: becoming the number one company in Cloud computing's two most profitable segments: software-as-a-service, SaaS; and platform-as-a-service, PaaS.” · Larry...

READ MORE >

MCRS and OPEN: Market Share Losses and Cannibalization of TAM Are Accelerating

May 21st, 2014

Yesterday we had the opportunity to tour the floor at the National Restaurant Association’s 2014 annual conference.  We wanted to pass along some key observations from our time in the exhibit hall.  As you might imagine given our...

READ MORE >

MCRS: Three Reasons Why Investors Should Question the Quality of 3Q14 Upside – XP, Tax Rate, and Record Capitalized...

May 2nd, 2014

For the past 6-9 months we’ve been screaming from the mountain tops (or this molehill depending on your perspective) that much of MCRS’s recent revenue growth has been largely a function of...

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