Bear markets can be hazardous for growth stock investors. The more cash you keep during good times, the more you'll have to gobble up growth stocks at low prices during the bad times. The stocks that we'll discuss today, Zillow Group (NASDAQ: Z)(NASDAQ: ZG) and Innovative Industrial Properties (NYSE: IIPR), have been hit hard this year, down at least 45% year to date (YTD), and they both took close to 20% hits in June.
Mr. Wolfe, please go ahead. Presenting today are Alan Gold, executive chairman; Paul Smithers, president and chief executive officer; Catherine Hastings, chief financial officer; and Ben Regin, vice president of investments.
Innovative Industrial Properties (NYSE: IIPR) stock has been struggling mightily this year. Down 64%, it has done badly even for a marijuana stock -- the Horizons Marijuana Life Sciences ETF's losses of 44% look modest by comparison. At a share price of around $96, that means investors who buy now would be collecting a yield of 7.3%.