Opendoor

“And now Opendoor for many of the markets that they're in, they're 10% of the market.”

“It's like the honest, like from the time someone asked that question to the time we launched the product was maybe, I think, 12 days.”

“So I think like there's been three like structural flaws that have basically killed every attempt to solve this. The first one is like, let me solve a part of it. Let me solve the tiniest, like most profitable part of it first, which I objectively has failed l…”

“I do think for what it's worth that the right model actually is much closer to Amazon than to eBay. Yeah. Because I actually think for, I think Opendoor will have principal risk on quite a lot of this inventory for a very long time.”

“Carvana moves every single car they buy. Like, Opendoor does not move homes. Like, homes stay where they are.”

“I think that's actually a problem that, that Opendoor has had is that, like, Externally and for, admittedly, for some time internally, the company thought of itself as essentially an investor in a real, like real estate as an asset class, which is not the job …”

“If Opendoor is an old fashioned operational house flipper, like, that's not that, it could be meaningful. It's not that big a business, right?”

“Which, by the way, we launched this yesterday at Opendoor in Dallas, Texas. You buy a home from Opendoor, you don't like it, you can return it. Like, you can move it early, try it out, don't like it, return it.”

“In one of the markets, I think it was Charlotte, if I remember correctly, almost 10% of homes in Charlotte that were under a certain price, call it like 600,000 dollar homes, which actually buys you a lot of house in Charlotte. 10% of the homes were bought by …”

“Opendoor does too little for its sellers and does almost nothing for its buyers. Like, that's, like, we'll solve both of those problems.”

“If you care a great deal about what's said about you in the Wall Street Journal, running a public company is incredibly difficult. It's just very difficult. Luckily, I just don't care.”

“Everyone, like, everyone pays at least one extra mortgage payment or one extra rent payment, as frequently more.”

“Underwriting a home for mortgage, and underwriting a home for insurance, and underwriting a home for buying it, Like, fundamentally not that different as exercises. They really aren't.”

“When I started at Open Door was only available in 48 buckets in the U.S., It is now available in every market in the U.S. Because, like, you can push pixels relatively easily.”

“The good news is you can get, like, 10 X value just by unwinding those mistakes, which Kaz is definitely doing.”

“Promoted this completely mediocre CFO, which is almost always a bad idea, to be CEO. And she went from mediocre to, like, the worst CEO in the planet.”

“And if we just get the same multiples on what they do, Will be worth tens of billions to fifty billion. That's like the base case.”

“I don't think we do anything as sophisticated as Open Door.”