- Zillow shares have held up well, while other momentum names have sold off. Today, Zillow trades at an all-time high.
- After 8 years in business, Zillow is losing money, in stark contrast to the UK's Rightmove, which Zillow frequently cites in investor presentations.
- Zillow's business model is not scaling - as revenue has grown, operating profits have turned to losses. Again, this is in stark contrast to Rightmove.
- Zillow shares look to have 80% downside, even assuming significant revenue growth and profitability improvement.