He actually stated that: When requested concerning the firm’s “Plan B” if mortgage charges do not fall, Redfin CEO Glenn Kelman responded, “Plan B is to drink our personal urine or our rivals’ blood, keep within the foxhole.”
This wasn’t at some casual, off-the-record gathering. It was on Redfin’s second quarter earnings name, the sort of name the place executives normally follow blandly optimistic platitudes — a name that will get transcribed on investor relations web sites.
The true property web site’s earnings have been higher than anticipated, however Wall Avenue analysts have been centered on prospects for the bigger housing market. At one level, Kelman in contrast the present market to “The Twilight Zone,” declaring, “I can not bear in mind a time when [mortgage] charges got here down this far, this quick, and the market has been so muted in its response. And we simply should consider that it’s going to [go up].”
To be clear, he is hoping the market improves, however he is not relying on it.
After the aforementioned promise to drink varied bodily fluids, Kelman added, “The final earnings name ended with me singing a line from a Who tune, Will not Get Fooled Once more, the place I had stated we’re not banking on low charges when different individuals had thought they may come down […] We’re able to take share if the market grows, we’re able to take share if it would not, however we’re not going to ease off.”
Then lastly, proper earlier than the decision ended, Kelman expressed a bit remorse over his alternative of phrases: “We’ll drink our urine earlier than the blood. Really, I want I simply hadn’t stated that. I am a lover, not a fighter.”
