Zillow. Okay, the number one Zillow mistake made ultimately

caught the stock to drop 20%. So let's talk about Zillow. M.D.

O'Morris guy would appreciate this conversation. Zillow.

Absolutely. What is the deal with Zillow?

This is why I always tell people you have to invest in a company

that is number one in this space and no matter what asset you buy,

you have to buy it at a good price. So Zillow wanted to take open

doors model and begin to buy houses, which is a great strategy.

But when they're over inflating the price of homes and then

driving the market up to be so frothy where people are selling

the houses and getting the same day offers 70,000 above,

they were causing a frenzy, which looked a lot like 2007.

So whenever you're buying assets this fast, you have to get them

at best price. They was paying a retail or max price expecting

this market to continue to go up. And that's why I always say

that on every episode that I could, it does not matter what you buy.

Cups, pens, palladium, t-shirt, stocks, you have to get in at the best price.

And your price can also be a hedge for downward movement like this

with everyone's parents. And then there's a hedge against a lot of volatility

as well. So they try to copy their model. I don't like companies that copy

model. I like companies that innovate. And then when you begin buying

houses at any price point for those you that lived through 2007 to 2008,

...