Extremely good article about automated marketmaking in houses, a la @Opendoor : https://medium.com/@byrnehobart/the-ibuyers-high-er-frequency-trading-comes-to-home-buying-f34c80718976 …
I think this model is extremely likely to win, based on an existence proof in a few markets with >1% share of home sales plus the experience of the equities market.
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A thing few people appreciate about equities: there are *almost no trades* between “natural” investors via stock exchanges, retail or institutional. No two investors can agree on a price/quantity/time down to the second on virtually any stock.
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Liquidity providers (market makers, HFTs, etc) can not only agree on a price with any buyer or seller, they can agree with it on every equity listed on a public exchange, not just every second but every arbitrarily small subunit of a second.
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