Ivy Zelman: Sheltering Investors From Impending Storms

Mar 26, 2025

Ivy Zelman, Founder and Executive VP of Zelman Associates, is a leading voice in the housing sector, celebrated for her market predictions. In this discussion, Ivy reflects on her journey from Wall Street analyst to housing expert. She shares her insights on the 2008 financial crisis, challenges in affordability, and current market dynamics. The conversation highlights builder strategies, rising costs, and her new memoir 'Gimme Shelter,' emphasizing the importance of independent research in navigating the complexities of the housing market.

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ANECDOTE

Buffett vs. Zelman on USG

Ivy Zelman recalls a time when Warren Buffett invested in USG, a company she believed would go bankrupt due to asbestos liabilities.
Buffett's CNBC appearance praising USG caused the stock to surge, frustrating Zelman and highlighting the market-moving power of influential figures.

ANECDOTE

WCI Confrontation

After publishing "Investors Gone Wild," Ivy Zelman publicly criticized WCI, a homebuilder, for its reliance on investor activity.
The CEO of WCI confronted Zelman, highlighting the strong reactions her bearish housing calls provoked.

ANECDOTE

Vindication Moment

Despite her bearish stance, homebuilder stocks initially rallied after Bob Toll's optimistic comments.
Zelman's "10 Reasons to Sell" report and New Century's subsequent bankruptcy vindicated her view, showcasing the importance of conviction.

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Danny Moses is joined by Ivy Zelman, Founder and Executive VP of Zelman Associates, to discuss her career and insights into the housing market. Ivy shares her journey from a financial analyst at Solomon Brothers in the 1990s to becoming a renowned figure in the housing sector. They delve into her famous predictions on the housing market downturn, the impacts of the 2008 financial crisis, and her strategies for maintaining accurate market forecasts. The conversation also explores current market challenges such as affordability, immigration, tariffs, and declining home sales, along with her perspectives on builders, mortgage rates, and industry consolidation. Ivy also shares details about her memoir 'Gimme Shelter' and her ongoing work at Zelman Associates.

On The Tape on X: https://x.com/OnTheTapePod

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Ivy Zelman’s Stock Disclosures:

AMWD, BLD, BLDR, CSL, FBHS, IBP, MBC, RMAX, SWK, BZH, CCS, HOV, KBH, LEN, MDC, MHO, MTH, PMH, TOL & TMHC

Stock Ownership:

Analyst: No
Analyst’s Family: No
Analyst’s Firm: No
Investment Banking Client: No
Other Conflicts: Yes – Zelman has received compensation for products or services other than investment banking services.

DFH

Stock Ownership:

Analyst: No
Analyst’s Family: No
Analyst’s Firm: No
Investment Banking Client: Yes
Other Conflicts: Yes – Zelman has received compensation for products or services other than investment banking services

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For decades, Danny has seen it all on Wall Street and has built his reputation on integrity, curiosity and skepticism that he will bring with him each week. Having traded through the Great Financial Crisis and being featured in "The Big Short" is only part of the experiences Danny wants to share with the listener. This weekly podcast cuts through market noise, offering entertaining and informative discussions with expert guests giving their views of the financial world and the human side of it. Whether you're a seasoned investor or just getting started, On The Tape provides something for all listeners.

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