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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Liquidity is, fundamentally, a thing which people urgently want to buy, and specialized providers of it will absolutely ROFLstomp every other participant’s offers.
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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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Replying to @rekoske
Yes: to the extent you structurally limit liquidity, it will be less common and cost much more.
4:58 AM - 2 Jun 2019
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