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Feb 12
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AVOID
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Ryan Serhant
Founder and CEO of Serhant Real Estate
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"January sales... dropped 8.4% from December... Homeowners now move once every nearly nine years." Companies like Zillow or brokerages depend on *transaction volume*, not just asset prices. A "stalemate" with an 8.4% drop in sales volume directly correlates to a drop in revenue for listing platforms and agents. High equity helps the homeowner, not the broker. AVOID. The "mobility crisis" is a revenue crisis for transaction-based models. A sudden drop in interest rates could unlock inventory and spike transaction volume unexpectedly. |
CNBC
Housing not in crisis but first-time buyers a...
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Feb 12
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AVOID
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Julian Emanuel
Evercore ISI
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Emanuel notes that Software, Legal, and Financial professions are viewed as "most likely to be disrupted." Financials are underperforming despite the bull market. The market is pricing in existential risk for business models based on billable hours or code generation. Until these companies prove they can monetize AI rather than be replaced by it, multiples will compress. AVOID sectors in the crosshairs of the "AI Heat Seeking Missile." Oversold conditions could lead to a sharp relief rally if earnings prove resilient. |
Bloomberg Markets
Bloomberg Surveillance 2/12/2026
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