Zillow’s Adjusted EBITDA – It Ain;t What You Think by Cook & Bynum
When thinking about equity valuations, beware of metrics that divert attention from the “owner earnings” available to shareholders. Metrics like adjusted EBITDA are often just earnings before some other real costs.
Zillow ($Z) – a great poster child for “adjusted EBITDA”. They list 9 ways/things it doesn’t include!
Yarra Square Partners returned 19.5% net in 2020, outperforming its benchmark, the S&P 500, which returned 18.4% throughout the year. According to a copy of the firm's fourth-quarter and full-year letter to investors, which ValueWalk has been able to review, 2020 was a year of two halves for the investment manager. Q1 2021 hedge fund Read More
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