Burning Down the House
One of today’s train wrecks is Zillow (symbol Z) which I only found out recently decided that no one knew more about real estate data than they did, so they would become the world’s biggest house-flippers. Well, that’s not working out so great. It would be like taking Slope and turning it into a hedge fund, based on its access to data.
I always like to look at where stocks like this peaked, to see if there was any clue. The top price was only nine months ago, back on February 16th, when it peaked at $208.11. Well, it has lost about TWO THIRDS of its market cap in that span of time, and this shooting star was the ringing bell marking the top:
As you can see, not only is the damage vast, but there is PLENTY more downside to go: