Modern Underwriting and the Shopify Analogy

Kaz Nejatian is the CEO of Opendoor. In this conversation, we discuss the housing market, interest rates, and how Kaz is thinking about expanding access to homeownership. We also go inside Opendoor, including how AI is reshaping the home-buying and mortgage process, his approach to building companies, and why transparency and accountability to retail shareholders matter.

=======================

As markets shift, headlines break, and interest rates swing, one thing stays true — opportunity is everywhere. At Arch Public, we help you do more than just buy and hold. Yes, our dynamic accumulation algorithms are built for long-term investors… but where we really shine? Our arbitrage algos — designed to farm volatility and turbocharge your core positions. The best part of Arch Public’s products is they are free! Yes, you heard that right, try Arch Public for free! Take advantage of wild moves in assets like $SOL, $SUI, and $DOGE, and use them to stack more Bitcoin — completely hands-free. Arch Public is already a preferred partner with Coinbase, Kraken, Gemini, and Robinhood, and our team is here to help you build smarter in any market. Visit Arch Public today, at https://www.archpublic.com, your portfolio will thank you.

=======================

Sign up for the Gemini Credit Card: https://gemini.com/pomp

#GeminiCreditCard #CryptoRewards This video is sponsored by Gemini. All opinions expressed are my own and not influenced or endorsed by Gemini. Gemini-branded credit products are issued by WebBank. For more information regarding fees, interest, and other cost information, see Rates & Fees: https://gemini.com/legal/cardholder-agreement Some exclusions apply to instant rewards; these are deposited when the transaction posts. 4% back is available on up to $300 in spend per month for a year (then 1% on all other Gas, EV charging, and transit purchases that month). Spend cycle will refresh on the 1st of each calendar month. See Rewards Program Terms for details: https://gemini.com/legal/credit-card-rewards-agreement Checking if you’re eligible will not impact your credit score. If you’re eligible and choose to proceed, a hard credit inquiry will be conducted that can impact your credit score. Eligibility does not guarantee approval.

=======================

• 0:00 – Intro

• 1:54 – Opendoor mission: tilting the world toward homeownership

• 8:41 – Opendoor’s next layer: AI-native mortgage & underwriting

• 13:34 – Shopify lessons: the “first-derivative” business model

• 19:48 – Retail shareholders & transparency/accountability

• 23:38 – Kaz’s principles: turning down money & career philosophy

• 29:47 – $1 CEO pay structure & aligning incentives with shareholders

• 37:04 – Kaz’s wife & building an independent media company

• 38:44 – Government policy & housing affordability

• 41:06 – Interest rates: where they should be & why

• 42:54 – Why economic data is wrong

• 46:25 – AI inside Opendoor: speed, efficiency, bringing jobs back

• 49:14 – Consultants/committees vs weekly reviews

• 54:12 – Message to retail shareholders