“Don't shut it off. I'm warning you.” Peter Venkman. Ghostbusters. Reitman, Ivan. Performances by Bill Murray. Columbia-Delphi Pictures. 1984 Our journey in BYON over the past 4-5 years has been for brief periods of time...
READ MORE >We’re exhausted, so if you’re reading this and you’ve been a long time BYON shareholder then we know that you’re beyond spent. We initially wrote up BYON/OSTK nearly 5-yaers ago. In that time, the stock crossed $100 on three separate occasions, doubled off its...
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 >Following OSTK over the past 4-years has been nothing short of exhausting. Over the past 6-12 months, we have grown increasingly disappointed and frustrated with OSTK’s execution miscues, market share losses, poorly crafted investor...
READ MORE >“Where’s all the stores? Ain’t Dere no more!” Benny Grunch and the Bunch. WWLTV New Orleans https://www.youtube.com/watch?v=gb_dE9oKSN4 NINETEEN. That’s the...
READ MORE >Truth be told, when we hopped out of bed this morning and quickly reviewed OSTK’s 2Q22 operating results we started to gird ourselves for another day of frustration and grew worried we might see a...
READ MORE >We lack imagination as investors. It is the hallmark of every bull and bear market that we underestimate the upside and cannot fathom the downside for the companies in which we invest long or short. This statement not only...
READ MORE >In Russell Napier’s phenomenal book Anatomy of the Bear (which we will likely review again over the weekend), the author suggests that one of the hallmarks of bear markets is that good news...
READ MORE >If you were to pick two factors over the past 8-12 weeks with which you would never want your company to be associated it would be supposed COVID19 “winner” and tech. Well as far as...
READ MORE >The race to the bottom in broker economics.
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 >Two weeks ago OSTK shares traded north of $110/share. OSTK shares have declined (-35%) in just 10-trading days. This begs one simple question: what the hell happened? First and foremost, if you’re a longtime follower of OSTK this type of...
READ MORE >“Pelion” – a huge or difficult task. “In Greek mythology, the twins Otus and Ephialtes piled Mount Pelion on Mount Ossa and both on Mount Olympus in an attempt to reach heaven and attack the gods. The word is...
READ MORE >Overstock.com is a rapidly growing, profitable ecommerce platform generating significant free cash flow that also owns a promising portfolio of blockchain based technology companies. How rare is that?...
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 >Overstock.com is a rapidly growing, profitable ecommerce platform generating significant free cash flow that also owns a promising portfolio of blockchain based technology companies. How rare...
READ MORE >“Extinction is the rule. Survival is the exception.” Carl Sagan On a day in which renewed concerns about the impact of COVID19 on the US economy drove the S&P 500 more than (-5%) lower the question of which...
READ MORE >“Aces are larger than life and greater than mountains” Mike Caro Neither the most ardent bull nor the...
READ MORE >“So the biggest thing is, we've effectively imposed a view that we want to drive more leverage on the ad cost. So that would manifest to the ad cost as a percentage of revenue. So as you...
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 >“In the short run, the market is a voting machine but in the long run, it is a weighing machine.” Benjamin Graham This oft...
READ MORE >We thought we knew what we were getting into when we wrote up OSTK as a long idea less than two months ago. Since that time, shares have crashed more than (-50%) – obviously we made some...
READ MORE >Before we get into the issue of the day, we wanted to provide some perspective on how we’re thinking about OSTK based on a similar investment idea we introduced roughly 8-years ago. The...
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 >SELL
$50
LONG
$110
SELL/SHORT
$230
SELL/SHORT
$55
LONG
$70
SELL/SHORT
$4
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%
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