I loved Zillow $Z (great ticker guys) from day one. Here is a post entitled ‘The Summer of Zillow‘ back in 2006.
Now they are a public Company and deservedly so. I don’t know about the valuation. It only mattered in the very first round of capital. Now you can rent it. Get it? Amazon $AMAZN was surely ‘overvalued‘ in 1997 on their IPO day at $430 million. They had to do ‘death spiral’ convertible notes in 2000 to survive. Let me just say…thank god.
We should be embracing the day and the possibilities, but the media has chosen to talk about ‘bubbles’. Zillow is not a bubble stock. It’s a proxy for the disruption that entrepreneurs feel was needed in the real estate market.
Take an hour off from freaking out at the valuation. Roll up your sleeves and solve a problem.