The Carvana comparison is spot on. I remember when CVNA was trading below $5 and everyone was writting its obituary. The paralel between capital intensive business models in entrenched industries is really well drawn. What struck me most about your piece is the distinction betwen meme stocks and cult stocks, that framework helps clarify why something like OPEN might have actual staying power beyond just retail hype. The transition from Eric Wu's vision to Carrie Wheeler's execution discipline feels like it could be the turning point. Wheeler's TPG background suggests she understands risk management in ways that might actually make the iBuyer model sustainable through cycles. At $3.50, the asymmetry definitely exists if she can prove unit economics work. Thanks for the thorough writeup, following your position with interest.
The Carvana comparison is spot on. I remember when CVNA was trading below $5 and everyone was writting its obituary. The paralel between capital intensive business models in entrenched industries is really well drawn. What struck me most about your piece is the distinction betwen meme stocks and cult stocks, that framework helps clarify why something like OPEN might have actual staying power beyond just retail hype. The transition from Eric Wu's vision to Carrie Wheeler's execution discipline feels like it could be the turning point. Wheeler's TPG background suggests she understands risk management in ways that might actually make the iBuyer model sustainable through cycles. At $3.50, the asymmetry definitely exists if she can prove unit economics work. Thanks for the thorough writeup, following your position with interest.
Thanks for your positive feedback and for sharing your thoughts!