Totally a biased short side opinion...

A Close Look At The HFF Holdings IPO

Bill, you are quick to compare HFF with CBG (CB Richard Ellis and 500% return) though the comparison ends at that they are in commercial real estate biz.

But why would you not compare EVR (Evercore Partners - a recent IPO) and similar revenue numbers and profits. EVR is trading @ $31 but has a maket cap of only $157 million and a PE of only 2.6 (HFF is 3 times more expensive at over 500 million market cap and a PE of 16).

HFF & EVR 2006 revenues and profits around the same @ 220 million and around $40 million profit.

No wonder since your article/IPO, HFF has dropped from $21 to $15 a share. There is something in this Partnership deals that the street knows and you are not aware or not sharing. I hope you have sold your stake you are holding @ 18 a piece.

I am not saying HFF is a bad business but somethig does not make sense when we compare it with EVR.