“When someone shows you who they are, believe them the first time” - Maya Angelou Imagine a company that SLASHED prices on its core product four times in a period of less...
READ MORE >Assessing the winners and losers following the NAR settlement as we ask how Zillow or CoStar can win. Putting residential real estate services to the "Bezos Test" as we try to identify what changes and more importantly what...
READ MORE >For the past week, we’ve been wondering why EXPI shares rallied roughly 20% following the company’s 1Q24 earnings release. Yes the results were better than expected but the KPIs, notably...
READ MORE >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 >The “Minsky moment” has finally arrived for EXPI, as the company’s agent count declined for the first time in history. Never forget, for EXPI’s AGENTS it’s always...
READ MORE >“I was at eXp for 3 years, made ICON Agent every year, but the opportunity to build a big downline at eXp is long gone. I went to LPT Realty and have grown from 30 agents to almost 300 in one year. Best thing I could of...
READ MORE >Perhaps sell-side analysts and investors still don’t understand the true nature of EXPI’s business. There’s a reason this company has missed EBITDA expectations SEVEN out of the...
READ MORE >Amidst all of the gibberish about “net promoter score”, Bain consulting books, and nonsense technological assertions, there are some core realities related to EXPI that probably should be...
READ MORE >Here are some fun facts: EXPI missed consensus EBITDA expectations in four of the past five quarters 12-months ago the consensus estimate for EXPI’s FY22 EPS was $0.78. We now estimate...
READ MORE >The last time interest rates were at current levels, EXPI was an off the radar residential real estate services company with a “virtual model” and multi-level marketing style compensation...
READ MORE >“On June 1, 2021, the Company received a subpoena issued by the staff of the Division of Enforcement of the Securities and Exchange Commission (the “SEC Staff”) requesting certain documentation and information...
READ MORE >The race to the bottom in broker economics.
READ MORE >“For the Indians, one run on, let’s see, one hit? That’s all we got? One g—damn hit?” Harry Doyle....
READ MORE >Well that was quite the round trip. No one rings the bell when valuation compression starts, or for that matter when it stops. EXPI shareholders and their agents (one in the same in this case),...
READ MORE >“I think, even starting in early 2020, we really backed off the top line number of 10% gross margin for core brokerage, just because as we learned more about how all this mixes together, it would be tough to...
READ MORE >Following a quarter in which EXPI added more than 4,700 agents, generated more than $23.6B in transaction volume, and of course increased the share count by 3MM, there’s really only one...
READ MORE >The stock market has been extraordinarily kind to “fake it until you make it” stories that operate in large total addressable markets (TAM). If you run a long/short book in any...
READ MORE >SELL/SHORT
$230
SELL/SHORT
$55
LONG
$70
SELL/SHORT
$4
SELL
$50
SELL/SHORT
$45
SHORT
$18
SELL/SHORT
$5
SELL/SHORT
$42
LONG
$75
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