Nathan

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Today's episode is a unique one. Shortly after @Opendoor reported earnings, @ReustleMatt spoke with CEO @nejatian for a breakdown of $OPEN. We talk about the quarter in the context of Opendoor's turnaround, including Kaz's view of the business as a market maker, the priorities on the product roadmap, the opportunity in attached services, and the path to profitability. Some highlights from the conversation: 1/ Opendoor is a market maker, not a prop desk. 2/ I was shocked by how the company was being run by outside consultants for so long. The people who were making decisions for the company had almost no stake in the outcome of those decisions. The OPEX was just honestly stupid. 3/ Saying Opendoor is an asset manager that happens to have software is like saying Amazon was a warehouser of books that just happened to have software. 4/ Opendoor has fewer than seventy engineers. I think that would surprise most people. 5/ When we buy lots of homes and sell them very quickly, we get very live feedback about actual market conditions. We pick up data in a way that no one else does. We have a 90 to 120-day advantage on the market. 6/ My job is to make sure that when you want to buy a home, sell a home, that you think of Opendoor the way you think about Uber or Amazon. 7/ Opendoor has an embedded advantage compared to every other buyer and seller of real estate in our cost of capital. But that has not been adequately used by the company. 8/ I want the teacher in Kansas City to have a one-click mortgage, title, escrow, and home buying experience and home selling experience. 9/ Opendoor has had too little discipline when it comes to being a for-profit business because it has been able to reach for capital markets over and over again. 10/ I think it's important that Opendoor be funded by its cash flow. 11/ What I think is very hard to say is that the largest real estate company on the public market in the United States should not be very large. There isn't a $100 billion market cap real estate company in the public markets in the US. That feels like a flaw in the matrix. 12/ I know what every single one of our engineers is working on because we don’t have the luxury of waste. 13/ I can take a series of services in a highly fragmented market, all of whom have very low NPS scores, and jam them all together. All of these players have to pay for CAC, and I don't. They all have to pay for gathering information. I don't. That's the opportunity. Timestamps: 00:00 Intro 00:42 What Kaz found inside Opendoor 03:12 The business model 05:49 How Opendoor makes money 06:48 The data and information advantage 12:18 Sizing the TAM 15:19 Product roadmap: title, escrow, mortgage, solar 18:33 The bundling thesis 21:37 Capital allocation and path to profitability 23:39 70 engineers and AI leverage

The Seahawks are expected to set a record for a price paid for an NFL franchise, but the sale of the team is drawing softer-than-expected interest, per @SethWickersham. espn.com/nfl/story/_/id…

Gathering our receipts from this week’s @StoolAfterDark stream and this might be the most influential grocery store trip in modern history: - A gallon of milk - 6 ciders

Exclusive: The PGA Tour is rolling out a new social media policy to allow players to post more content, FOS has learned. This comes just as Bryson DeChambeau spoke out about his YouTube ambitions as a potential hurdle to returning. More from @_DavidRumsey ⬇️