Qubicle | Based Dept. Treasury 🏦

@Polymarket That’s our girl

BREAKING: Nancy Pelosi votes against House bill banning members of Congress from purchasing individual stocks.

Florida's housing downturn is entering a new stage: severe mortgage distress. It now ranks #1 in the U.S. for foreclosures. And we're starting to see listings like this, where the homeowner is trying to sell for $130,000 less than they paid in 2022. That's a 40% loss in just four years. Many people who bought near Florida's housing peak in 2022-23 are now running into financial trouble. But what's remarkable is that mortgage distress is still nowhere near 2008-09 levels. Yet we're already seeing individual homes lose 40% of their value. If this trend continues, today's discounts may only be the beginning. Check the value estimate of any listing with Reventure's analyzer: reventure.app/listingtool

@jamesperkins Team Cloudflare 🟧

Oh hell yeah Vercel and Cloudflare are fighting again.

@Polymarket Ate T-Bell the day I heard the news just to see something. All clear.

JUST IN: Taco Bell unveils $1 lettuce-free Enchiritos & nacho fries to rebuild customer trust after the cyclospora outbreak.

@exec_sum legend

NEWS: Olivia Rodrigo’s new boyfriend, Julian Croonenberghs, is a private equity associate at Hg Capital in their lower-mid market buyout fund, Mercury Prior to this, he was an analyst at Goldman Sachs on the FIG desk and was an US men's national team field hockey player

Sorry for the delay, fell asleep. $OPEN week 7 acquisition number is in. 635. Very gassed. Very hype. Very comtent Up about 12% on last week. Really impressive The run so far: → 564 → 538 → 529 → 523 → 551 → 568 → 635 Easily the highest print of the run and miles clear of the previous 517 sixteen week average. This is a proper leg up, and I do not think it is a fluke. Quick reminder before the math. These are contracts signed, not homes bought. Some fall through, the rest take a quarter or two to show up as sales. This is the pipeline filling, fast. The math on 635 a week (963M shares, $93M quarterly costs): At 6% contribution margin: → 635 × 13 = 8,255 homes a quarter → × $398K = $3.29B revenue → × 6% = $197M contribution → − $93M costs = $104M a quarter → about $0.43 EPS annualised → 30x = $12.98 | 45x = $19.46 | 60x = $25.95 At 7% contribution margin: → 635 × 13 = 8,255 homes a quarter → × $398K = $3.29B revenue → × 7% = $230M contribution → − $93M costs = $137M a quarter → about $0.57 EPS annualised → 30x = $17.07 | 45x = $25.60 | 60x = $34.14 A couple of things worth flagging this week. → the Doma acquisition officially closed, title and escrow now in house, another piece of the whole transaction locked under one roof → a jump this size lines up with something I've believed for a while, that Opendoor has been sandbagging its own acquisition projections Here's the logic/reminder on that last point. Opendoor only puts around 20% down on a home and borrows the rest. That means their buying power stretches a lot further than a conservative projection implies. When the machine is working, acquisitions can leg up hard and fast, exactly like this. I think the guided curve is the floor, not the ceiling. Kaz on the Shane Parrish pod summed up the whole turnaround mindset. He said you have to figure out which defaults are killing the company and change them violently, and be committed to truth over feelings all the time. That's what's driving numbers like this. Kaz is killing every crappy process and replacing it with something elegant and robust. God I'm so glad, I get to buy a VC type company at these prices. Remember,Q2 earnings on August 4 should help reinforce the thesis. Sales volume converting and margins holding 6 to 7% are what I want to see next. The buying keeps doing its job. Now we wait for the selling to do its job. Hopefully Q2/Q3 elegantly displays this in the numbers. Very strong and powerful week, well done Kaz and team 🙏🏻 Patience and conviction. nfa, long KAZ long $OPEN 🏠

NEW: Biohacker Bryan Johnson reveals he has created a “newborn clone” of himself in a petri dish — will eventually be used to grow organs & repair his body.

@ssj2abid 😂

@cubeqube I'm going to have to use this, sorry

$OPEN LONG KAZ

There it is: The 10Y Note Yield has officially erased all of its losses since the "Memorandum of Understanding" was signed. This puts the 10Y Note Yield up to 4.63%, near its highest level since January 2025. 7% mortgage rates in the US are on their way.

@jack veery interesting

we're launching BUZZ! a new groupchat platform for teams of people and agents of all sizes, built to reduce our dependency on slack and github. model-agnostic, decentralized, self-sovereign, and open source. 🐝 buzz.xyz

@Franc1sSc0ttKey more time to get the bags loaded up

@cubeqube Symbolic of how long we’ll be waiting for SP to catch up

Working with Kaz is an exercise in true first principles management. This interview gives you an incredible glimpse into what that looks like. Long Kaz. Long Opendoor.

It was such a pleasure to chat with @shaneparrish and to tell Opendoor’s story. I think this ended up being a bit more raw and personal than I planned but that’s because Shane is incredibly good at his job!

Wow. Communists in city hall have neutered law enforcement so badly that this car thief can stop for gas, mid-pursuit, fill up, and drive off, undisturbed. Dude could've dropped in the mini mart and gotten a Slurpee, too. LA is full on GTA. Don't let communists run your city!

My interview with @nejatian, CEO of Opendoor. This is a rare look inside a turnaround, while it's happening. It's raw, real, and violent. Kaz took over $OPEN when it was months away from bankruptcy. His wife shipped a mattress to the office and told him not to come home until he had a plan to break even. Some of what he told me: • "All success is unique, but all failures rhyme." • The most dangerous people in a company are competent but not mission aligned. • Meetings are a bug in the system. • The comfortable lies that sink a company are the same ones that sink careers (and countries). (Shane and guests may hold positions in assets discussed in this episode. Nothing in this conversation should be considered investment advice, financial guidance, or a recommendation to buy or sell any security.)