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CSGP: Collision Course – After $1.1B+ Spend on Multi-Family Lead Gen, Growth Prospectively Will Need to Come at the...

September 14th, 2017

“We're very excited to take the online lead in the segment with such spectacular growth. As we integrate ForRent, we believe that we can offer their perspective renters access to the most...

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CSGP: Who’s Going to Give Them Credit for 2018 When Everything’s Slowing?

October 27th, 2016

“….but I do want to remind everybody that CoStar has shown again and again and again that we are able to reduce costs after an investment initiative. We are very good at that and we need credit for that.” Andy...

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CSGP: The Core IS Slowing, While the Returns on CSGP’s Massive Advertising Investment in Rentals Remain in Doubt

February 26th, 2016

In the 45-50 minutes of prepared remarks from CSGP’s management on the company’s 4Q15 earnings conference call, it was quite clear Andy Florance and co. were hoping to accomplish the...

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CSGP/Z: The Reality in Rentals - Awash in Leads as Incremental Spending Goes Towards Self-Branding Initiatives

November 23rd, 2015

Over the past few weeks, we conducted a survey of more than 50 rental property managers across the country.  Overall the feedback from our survey suggests that CSGP management's assertions about the company's...

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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...

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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,...

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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...

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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...

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Closing out Long CSGP/Short LOOP Pair Trade with 35% Gain

February 9th, 2011

Approximately 12-months ago in a report entitled "When the Castle Is Under Siege It Helps To Have a Wide Moat: Long CSGP/Short LOOP" we introduced a pair trade idea: long CSGP/short LOOP.  Our thesis at that time was as follows: CSGP (CSGP 42.3 ↑0.74%) has...

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CSGP: 3Q10 Results Should Highlight Growth Acceleration, Validate Our Long CSGP/Short LOOP Thesis

October 20th, 2010

Approximately 7-months ago we introduced a pair trade: long CSGP/short LOOP. Thus far the trade has worked out reasonably well.  Both stocks have appreciated considerably, but shares of CSGP have outperformed those of...

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CSGP: Noisy Quarter Shouldn't Overshadow Acceleration in Core Business, Traction for Showcase.com

April 20th, 2010

Approximately two months ago we introduced a pair trade idea to go long CSGP against a short position in LOOP.  You can read our original report here.  Thus far the trade has not delivered the type of return we...

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When the Castle Is Under Siege It Helps To Have a Wide Moat: Long CSGP/Short LOOP

March 12th, 2010

This report was originally published on 2/11/10.A few years ago, Warren Buffet stated to Fortune magazine:“The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather...

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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