Zillow Group, Inc. (ZG, Financial) operates leading U.S. real estate sites, a mortgage marketplace, and the Zillow Offers home-buying business. Shares declined on lowered revenue and profitability guidance for the second half of 2019, driven by Zillow’s expanded testing of success-based “Flex” pricing in select Premier Agent markets and hiring delays in the Mortgages business. We added to our Zillow investment.
From Ron Baron (Trades, Portfolio)'s Baron Partners Fund third-quarter 2019 shareholder letter.