I like UPD a lot, though it generates almost no (and mostly...

I like UPD a lot, though it generates almost no (and mostly negative) HC chatter. I know a couple of very large holders. I like a stock hated on HC!

UPD are going to run the online moving experience for 35% (currently about 20%) of US households, 17m of which move every year. That's 3.5-6m households annually using their system to move, some more engaged than others but all with value to UPD. Big spending decisions are made when moving and UPD are targeting about 15 different advertiser verticals. They have a moat in that their product is pushed by a network of real estate agents and property managers they have won over, not UPD directly. No competition the service. The question is how much revenue per household: $200-$300 seems reasonable which equates to $700-$1,800m of high margin revenue up for grabs. It's a $10 share next couple of years if things fall into place.