David

The most powerful move in investing is doing absolutely nothing. Study after study shows that frequent traders underperform patient ones. Every trade costs you in fees/spreads, taxes, and mental energy, and timing the market means having to be right twice (when to get out and when to get back in), which almost nobody manages.

Watching the talent migration into $OPEN is more bullish than any chart pattern. 👀 Most equity analysts read 10-Ks. Operators read the team page. Here’s what 26+ years of building, running, and acquiring companies taught me about valuing turnarounds: Top-tier talent doesn’t leave big tech for cash. They leave for one thing -> a once-in-a-decade chance to build something category-defining. $SHOP leaders left for $OPEN . $COIN leaders left for $OPEN . Stripe, Brex, and other elite operators are clustering around the same turnaround. They’re pricing in a structural shift the financials haven’t reflected yet. The team you build IS the company you build. By the time the recruiting story makes mainstream headlines, the re-rating has already happened. Watch who’s joining. Not what the stock did yesterday. The talent migration IS the leading indicator. The numbers follow.

The biggest risk in Opendoor’s model was never buying homes. It was holding them too long. That’s where companies died. And Opendoor just proved they solved it. They cut homes sitting over 120 days from 51% → 33% in ONE quarter. Their newest cohorts are turning 2x faster than last year. Speed changes everything. A home held 45 days carries a fraction of the risk of one held 180 days. Now add their new model: They selectively price low-risk homes aggressively. They keep wider spreads on higher-risk homes. And with Cash Plus, sellers take more price exposure while Opendoor earns fees with less capital at risk. This structurally reduces risk. Here’s the proof: Home prices fell ~3% over five months. Opendoor’s contribution margins stayed flat — and even improved. That’s not theory. That’s execution. This is what Opendoor 2.0 looks like. Lower risk. Faster velocity. Stronger margins. Massive scale. This is the same transition $UBER made. This is the same transition $AMZN made. Most people still see the old Opendoor. They don’t see what it’s becoming. $OPEN

“You don’t get rich by diversifying into 50 mediocre assets. You get rich by finding 2 or 3 asymmetric home runs.” — Stanley Druckenmiller.