CoStar (CSGP.US)：卷成血海的美国地产中介

CSGP成立于1987年，起家业务是商业地产的信息中介营销服务，多年以来的战略就是不断并购扩张。COVID之后，美国商业地产陷入长期熊市，因为在家办公趋势延续，民主党推行BLM零元购，AI取代劳动力导致消费萎靡等。

CSGP老板决定杀入住宅市场，跟Zillow等展开竞争，既符合他一贯的战略习惯，又符合当下的市场环境——并购带来收入高增速，但是费用飙得更加吓人，直接让公司的利润率持续下滑，EPS变成亏损。

此前，对冲基金Third Point买了近2mn股（vs. 公司总股本423mn股），推动CSGP不要卷了，想办法剥离住宅业务Homes.com。今年2月，对冲基金D.E. Shaw也加入此行列，发了公开信，但没有披露具体持股数量。（来源：https://www.wsj.com/business/deals/d-e-shaw-to-push-for-board-shake-up-at-real-estate-data-giant-costar-a1cd2230）

针对D.E. Shaw的公开信，CSGP在官网上发了回复：https://www.costargroup.com/press-room/2026/costar-group-highlights-proven-track-record-and-reiterates-commitment-enhancing

Just as with Third Point, D.E. Shaw has not heard the answer it wants with respect to Homes.com and so has latched on to a manufactured tale of governance shortcomings starring a CEO who would be unrecognizable to most of CoStar Group’s long-term stakeholders.

The reality is that CoStar Group’s management team and Board have tried to help D.E. Shaw understand the value creation potential for Homes.com and the fact that the Company is on a responsible plan to realize it. Despite fourteen meetings over the past nine months – including two meetings with independent directors without participation by CoStar Group’s CEO – D.E. Shaw trotted out a tired and easily refutable narrative of Board insulation littered with petty mischaracterizations. Elsewhere, D.E. Shaw predicates its arguments on assertions that Homes.com will not reach goals the Company has laid out without offering any compelling evidence to support its assertions.

核心结论就是：虚心接受，行事照旧——两家对冲基金要求的更换CEO和卖掉住宅业务，均未能得逞。他俩如果彻底失望，要出清手里的股票，那CSGP股价还能大跌一段，毕竟现在估值相对于Zillow还是明显昂贵。