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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    Patrick McKenzie‏ @patio11 22 Nov 2018
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    Amazing startup idea (and I'm impressed by how successful it apparently is): OpenDoor, which—stripped to the essence—is automated marketmaking for houses. https://opendoor.com 

    12:54 AM - 22 Nov 2018
    • 7 Retweets
    • 120 Likes
    • My Info Tikhon Bernstam Justin Mayer Cole Wallace J Schell ΔLΞXΔNDΞR James Burns Karla Paxton Igor Terzic
    7 replies 7 retweets 120 likes
      1. New conversation
      2. Patrick McKenzie‏ @patio11 22 Nov 2018
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        Marketmaking is the liquidity-providing function in e.g. stock markets which makes transacting in them quick and cheap. It's one of the reasons why you can buy or sell a share of Google without having to pay $10,000, talk to someone on the phone, and hire an appraiser for Google.

        1 reply 0 retweets 31 likes
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      3. Patrick McKenzie‏ @patio11 22 Nov 2018
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        Now you might sensibly think "Well you can do that because shares in Google are fungible with each other" and OpenDoor's crazy idea is "Look, if you squint at them a little bit, houses in Phoenix aren't strictly fungible but they're close enough that the error bar is just noise."

        6 replies 4 retweets 36 likes
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      4. End of conversation
      1. New conversation
      2. Kevin Kwok‏ @kevinakwok 22 Nov 2018
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        Replying to @patio11

        What other industries need improvement in their market making?

        1 reply 0 retweets 9 likes
      3. Patrick McKenzie‏ @patio11 22 Nov 2018
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        Replying to @kevinakwok

        Hiring.

        1 reply 1 retweet 30 likes
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      2. Franz Sauerstein‏ @FranzSauerstein 22 Nov 2018
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        James, thank you very much! ML is short for market liquidity here? Thank you for helping me to learn, I appreciate that. Where do you get info about current rent prices in the US? Here they are published, but 4 years old and wildly inaccurate.

        1 reply 0 retweets 0 likes
      3. Patrick McKenzie‏ @patio11 22 Nov 2018
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        Replying to @FranzSauerstein

        I would guess "machine learning" rather than "market liquidity."

        1 reply 0 retweets 0 likes
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      1. New conversation
      2. ¯\_(ツ)_/¯‏ @adropboxspace 22 Nov 2018
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        Replying to @patio11

        market making in houses depends on opendoor being able to absorb these houses onto their balance sheet at least for a little bit. thats kind of tough without a lot of capital.

        1 reply 0 retweets 0 likes
      3. Justin M. Overdorff‏ @jmover 22 Nov 2018
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        Replying to @adropboxspace @patio11

        Raising capital and running an efficient capital markets operation is something they are VERY good at

        1 reply 0 retweets 3 likes
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      2. Austen Allred‏ @Austen 22 Nov 2018
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        Replying to @pavtalk @kevinakwok @patio11

        If that model were viable/legal on the US it’d be more prevalent. “I’ll pay you $20/hr for 18 months, and train you free, after that you can do whatever.” But feels too close to indentured servitude if you don’t let people leave.

        1 reply 0 retweets 6 likes
      3. YS‏ @y_stefanov 22 Nov 2018
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        Replying to @Austen @AustenAllred and

        Immigration? As in - ‘I’ll sponsor you for a fee of $XXX but then I’ll have Y% of your earnings for Z years.’ Some of $X may be paid to the state as insurance/tax. Education may or may not be included.

        0 replies 0 retweets 0 likes
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