Why this fundie is betting big on two losing companies

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Eminence Capital’s Ricky Sandler says Uber and Zillow are among the beaten down unprofitable tech stocks that are perfect long-term buys.

Minds conference, Sandler named global on-demand ride-sharing and food delivery service Uber Technologies among his top picks, alongside real estate marketplace Zillow.

Sandler says Uber is a buy for three reasons: high margins; improving profitability; and structural advantages in food delivery that make it difficult for similar businesses to compete.“When you look at Uber’s top five markets, they earn north of 30 per cent margins, but because they’re investing in the delivery business – because they’re investing in mobility markets – collectively today, they’re not there yet.

He concedes there could be some weakness in food delivery but anticipates consumer habits will migrate from dining out to ordering in. US mortgage rates topped 7 per cent last week, the highest level in 20 years, and the latest sign that the Federal Reserve’s aggressive moves to slow the broader economy are hitting the housing market.The company announced on Friday that it had laid off 300 staff as it contends with a slowing market. Last November, the Seattle-base company announced it was laying off a quarter of its headcount because of the closure of its home-buying business Offers.

“We’re not trying to grow a lot, but asset diversity is really important to us in different markets.”

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