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EXPI: When the Stock Price Is Your Most Important Fundamental – the SEC Subpoena Version

November 4th, 2021

“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...

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EXPI/RLGY: Real Estate Wars - The “White Hot” Housing Market Has Masked a RACE to the Bottom Among Residential Real...

August 17th, 2021

The race to the bottom in broker economics.

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EXPI: As Good as It Will Ever Get? EXPI is the Poster Child for the Bubble in Real Estate Agents

August 5th, 2021

               “For the Indians, one run on, let’s see, one hit? That’s all we got? One g—damn hit?” Harry Doyle....

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EXPI: Slowing Agent Productivity Gains Are the First (of Many) Red Flags in a White Hot Housing Market; Let the...

May 6th, 2021

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),...

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EXPI: As Good As It Will Ever Get? Now EXPI Faces the Struggle of Trying to Become a Real Brokerage Firm

March 12th, 2021

“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...

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EXPI: As Good as It Will Ever Get? Someone Needs to Tell EXPI’s New Agents That Downline Opportunities for Passive...

November 12th, 2020

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...

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EXPI: When Stock Price Is Your Only Fundamental, It’s Time To Sell; Introducing EXPI as a Short Idea with a Price...

September 28th, 2020

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...

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Current Ideas

PRDO

SELL/SHORT

$5

STRA

SELL/SHORT

$42

CWH

LONG

$75

OSTK

LONG

$128

EXPI

SELL/SHORT

$10

CM

SELL/SHORT

$50

RY

SELL/SHORT

$50

ARC

LONG

$5.50

AYI

SHORT

$50

BIG

SHORT

$28

TREX

SHORT

$36

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