Anthony Pompliano

Everyone else has failed.

They've seen competitors pull out of the market.

Doesn't matter how good you are as an operator.

Doesn't matter how good of a team that you assemble.

Just bad business model doesn't work.

What's your response?

You know, what's interesting is I've been an investor in figure technologies for a long time.

And one of the things that they really opened my eyes to was this idea of, for HELOCs, you could basically come in, and I think if I remember correctly, they would tell you within like five hours, you know, if you were gonna get the, or I'm sorry, within five minutes, whether you were gonna get the HELOC or not, and they would fund it within like five days.

And so, because they had some part of their business associated with blockchain, people were like, how does the blockchain do that?

And then when you would go and you actually understand the product, it's like, no, you just use things like Plaid to look in a bank account and understand how much money somebody makes and where they were.

You know, all these different data points that to me feel like a much more modern underwriting.

What you're talking about is not just kind of the plumbing or infrastructure of the underwriting.

You're actually talking about the interface for people to talk with the mortgage lender is all going to be kind of AI driven.

To understand Opendoor, I think one of the things that I've gotten, as you and I have talked, I've got an understanding of is explain what you did at Shopify in terms of looking at the relationship between the company and the merchant, and then the financial services and the products that you built around that relationship.

Because I think that although they're different businesses, the model is somewhat similar here.

And just explain a little bit in terms of what those services are and what the bigger ones have been.

It's almost like a concentric circle.

You say, okay, here's the merchant.

Here are all the things that they need to be able to do.

And as you guys just kind of ate into that stack... Well, as we built trust, right?