Michael Bermingham

Investor @ Gilder Gagnon Howe

[Michael Bermingham @MikeBermingham]

@patrick_oshag @JoshuaKushner Tim Bliss
Reece Duca
Todd Combs
Anyone who worked closely with Richard Rainwater (top of the list would be David Bonderman and John Goff)

[Michael Bermingham @MikeBermingham]

@Chris_Conforti @altcap Congratulations Chris! Wishing you all the best.

[Michael Bermingham @MikeBermingham]

@dhmeyer sounds awful.

[Michael Bermingham @MikeBermingham]

@BamaBonds @elonmusk @SquawkCNBC or does he use the current uncertainty to buy back the debt at a massive discount and reduce his basis that way? Then fix the business and do a recap in a few years and own it for free? Wouldn’t bet against @elonmusk

[Michael Bermingham @MikeBermingham]

@LouisOrigny He would be backing up the truck if he had confidence in their capital allocation strategy. Tiny buyback compared to AAPL.

[Michael Bermingham @MikeBermingham]

@Jason Me please 🙌🏼

[Michael Bermingham @MikeBermingham]

@Jason @MegynKellyShow She seems totally batsh*t!

[Jeff Bezos @JeffBezos]

In fact, the administration tried hard to inject even more stimulus into an already over-heated, inflationary economy and only Manchin saved them from themselves. Inflation is a regressive tax that most hurts the least affluent. Misdirection doesn’t help the country.

[Michael Bermingham @MikeBermingham]

Mortimer. We're BACK!!!

[Jeff Bezos @JeffBezos]

The newly created Disinformation Board should review this tweet, or maybe they need to form a new Non Sequitur Board instead. Raising corp taxes is fine to discuss. Taming inflation is critical to discuss. Mushing them together is just misdirection.

[Michael Bermingham @MikeBermingham]

100%

[Jeff Richards @jrichlive]

Much of what is happening in the market is a crisis of confidence. People have lost confidence our elected + appointed officials to understand the mechanics of our economy and related policy at a macro and micro level. Until we restore that confidence, it's going to be rocky. 🤞

[Michael Bermingham @MikeBermingham]

Insanity. Wealth transfer from hard working Americans to the laptop class. Is there an election coming in November?!

[Tom Cotton @TomCottonAR]

The $1.6 trillion of student loan debt that Biden wants taxpayers to pay is ~$13,000 for every family in America.

Why should those who didn't go to college or responsibly paid their loans be responsible for $13,000 in new debt?

[Michael Bermingham @MikeBermingham]

@ScottWapnerCNBC I thought you did a good job. I wish @CathieDWood was less promotional of the potential rewards of her investment strategy and shined more light on the many risks.

[Michael Bermingham @MikeBermingham]

@Post_Market @rsandler21969 REA/RMV/CSGP all sell above 20x. The future is uncertain, time will tell. I am comfortable owning but understand it's not for everyone. Worst case, I'll be wrong and lose a little money.

[Michael Bermingham @MikeBermingham]

@Post_Market @rsandler21969 not saying this is base case scenario but if they execute and use all excess cash to buyback + lever 2x, can get a $285 stock in 2026 assuming 20x EV/EBITDA. You can discount these numbers by a lot (or do no buy-back) and the stock is still a buy here.

[Michael Bermingham @MikeBermingham]

@Post_Market @FatTailCapital Is it a disaster if they do $4bil at a 40% margin? What’s the harm in setting goals? Ultimately they still have to execute. They have had many missteps so I understand the skepticism.

[Michael Bermingham @MikeBermingham]

@Post_Market @FatTailCapital Because there are more leads, and higher quality, and the conversions are improving for agents, agents willing to pay more. FLEX take rate around 30% vs average of mid teens. So the end result is Z facilitates more transactions at a higher take = they are more important.

[Michael Bermingham @MikeBermingham]

@Post_Market @FatTailCapital While an aggressive goal, not hard to bridge. More home shoppers are reliant on digital platforms like Zillow. Products like tours/mortgage filter for intent. This then provides more high quality leads to agents. Increasingly Z is working w/ best agents who convert.

[Michael Bermingham @MikeBermingham]

@Post_Market I like $Z and $FWONK

[Michael Bermingham @MikeBermingham]

@patduffny That might be the optimal scenario for us…What if real growth slows near zero but with excess savings, continued labor shortages, and accelerating wage growth, inflation stays above target. Full employment, 0-1% real growth, and 4-6% inflation….Then what?

[Michael Bermingham @MikeBermingham]

Same.

[David Sacks @DavidSacks]

The “experts” gave us school closures, gain-of-function research, defeat in Afghanistan, 7% inflation, and 130% debt-to-GDP. I’m ready to listen to someone else.