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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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    1. 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 

      7 replies 7 retweets 120 likes
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    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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      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."

      12:58 AM - 22 Nov 2018
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      • Filippo Valsorda 🇮🇹 My Info Tikhon Bernstam John Lee Justas Butkus Ed Nusbaum Dusty Galindo Ben Siscovick Michael Keenan
      6 replies 4 retweets 36 likes
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        2. Colin Percival‏ @cperciva 22 Nov 2018
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          Replying to @patio11

          There's another crazy idea: OpenDoor can offer people below "market price"... and still be better for sellers than going the traditional route of hiring a real estate agent.

          4 replies 0 retweets 5 likes
        3. Kamil Choudhury‏ @kchoudhu 22 Nov 2018
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          Replying to @cperciva @patio11

          Kamil Choudhury Retweeted Kamil Choudhury

          Yup. It sets a floor on expectations that you can leverage even if you choose not to go with OpenDoor.https://twitter.com/kchoudhu/status/1065493877199695872 …

          Kamil Choudhury added,

          Kamil Choudhury @kchoudhu
          It took about ~20 minutes to get an offer to buy our house from @Opendoor. That's insane.
          Show this thread
          1 reply 0 retweets 1 like
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        2. Burak Yenigun‏ @BurakYngn 22 Nov 2018
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          Replying to @patio11

          The idea is one which every high-frequency trading firm’s employees toy with for every illiquid asset over beers. I’m shocked at their execution though. Does the bid-ask they capture truly overcome transaction costs? I cannot imagine VCs didn’t check that so probably yes. Amazng

          1 reply 0 retweets 1 like
        3. Cem Sertoglu  🤖‏ @csertoglu 22 Nov 2018
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          Replying to @BurakYngn @patio11

          The position they end up taking is so short term that they can stomach the mispricing risk. I see them more as a bridge financing provider when you are between homes, than a buyer of homes.

          1 reply 0 retweets 0 likes
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        1. .jlc$ (they/she)‏ @jamie_culpon 22 Nov 2018
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          Replying to @patio11

          Well, we generally agree, but low levels of noise can often perturb many things, including simulations and market making. As someone who really needs like -20dB in one ear to protect our remaining hearing, it’s not exciting to hear “well yes, but if you ignore the noise”

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        1. .jlc$ (they/she)‏ @jamie_culpon 22 Nov 2018
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          Replying to @patio11

          A small error bar to someone who can flip ten houses is the difference between life and death to someone who can barely afford to rent a flat.

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        1. Steven Klaiber-Noble‏ @snoble 22 Nov 2018
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          Replying to @patio11

          It's worth noting they are also a fantastic ux company in crafting an experience for potential buyers to view their homes

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        1. Thomas Depierre‏ @Di4naO 24 Nov 2018
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          Replying to @patio11

          http://nested.com  in the UK has a similar approach. As i tell to people, cash flows and liquidity are the thing you all do not know enough about...

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