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JD Ross Profile picture
JD Ross
@justindross
I take the side of people who build. Co-founded @Opendoor & @join_royal. Now building in insurance, studying energy problems 🤠
May 5, 2022 • 5 tweets • 1 min read
Opendoor Q1 🤯

- $5.2B revenue, up 590% YoY
- $535M gross profit
- $176M adj. EBITDA, $99M adj. net income
- $28M GAAP net income

All while maintaining NPS of 80. Congrats to the team on the first GAAP profitable quarter!

$OPEN investor.opendoor.com/static-files/f…
Jun 14, 2020 • 6 tweets • 2 min read
Oh man, title insurance. Here goes a quick thread.

So the way title insurance works is that when you buy a house, your mortgage requires that you buy insurance that the seller actually has the property and the right to sell to you. Most insurance has a net loss ratio of like 80-100%, meaning insurance co’s basically break even on the policies but get to hold and invest the cash until it pays out.

Not title insurance. Title insurance has a loss ratio of like 5%.
Feb 22, 2019 • 7 tweets • 2 min read
Charlie Munger gave his annual two hour talk and Q&A, so I spent two hours listening. A joy at 95

- Diversification gets you average performance so it better be cheap
- Fish where the fish are
- Yes, he’s poorer than Buffett. But richer than Einstein!

dropbox.com/s/vlh308ig8u39… A young man had a prize horse that kept getting sick. He took it to the vet, “Dr. I have a problem...”

The doctors says “No problem, this is easy to fix

Next time your horse looks healthy, sell it!”

...and that’s Private Equity
Jan 1, 2019 • 4 tweets • 1 min read
1/ Reflecting on 2018, I want to share a story:

Opendoor is now 1,200 strong fulltime, plus 800 vendors and 8,000 people helping us service homes

We invested over $100 million in the communities we operate this year

This is about one person who inspired me, Heather... 2/ Back when Opendoor was just in Phoenix, Heather applied on Craigslist to clean our homes - literally scrubbing toilets.

She was in a tough place and wanted to prove to her son she could provide for the family
Dec 6, 2018 • 6 tweets • 2 min read
1/ I realized something earlier that may be obvious. For a long time in America we tribalized with our values. Different values, different tribes. But over the last 10 years we’ve started to conflate values and beliefs. And now our beliefs are tied to our identities. 2/ And this is really bad! Because while values are pretty static, beliefs should be changeable!