The meeting focused on the investment rationale and fund management approach related to Opendoor, with comparisons drawn to Carvana.
Key discussion points included reasons for optimism about Opendoor, lessons learned from previous investments, and the current fund structure following major investor changes.
No formal business decisions were made, but the speaker outlined their strategy for fund allocation and explained their long-term investment philosophy.
Attendees included Carol and Tim, with the main speaker providing insights from their experience managing MJ Capital.
Action Items
(none identified; no explicit tasks or follow-up assignments were discussed.)
Discussion: Investment Thesis in Opendoor
The speaker described Opendoor as a fundamentally stronger business than 2021-era "meme stocks" (e.g., AMC, GameStop, BlackBerry).
Opendoor was selected due to its real platform and market positioning, despite current negative sentiment and steep stock declines.
The speaker drew parallels to Carvana, highlighting how overly pessimistic market sentiment previously presented lucrative investment opportunities.
The belief was expressed that Opendoor should currently be valued much higher ($40–$82/share), similar to Carvana's turnaround.
Emphasis was placed on Opendoor's potential to disrupt a large, fragmented market, akin to Carvana's impact on used car sales.
Discussion: Investment Approach and Fund Structure
The speaker intends to approach Opendoor as a long-term “buy and hold ” investment, avoiding emotional, short-term trading decisions.
Historical reflection on previous successful investments (Alibaba, Carvana) illustrated the importance of holding through volatility.
The fund, MJ Capital, previously relied on one major investor (a billionaire), who has since withdrawn, leading to a restructuring of the fund's client base and strategy.
The speaker currently manages a smaller fund, deploying a few million in capital across five key positions (including Opendoor, Cipher Mining, BTG Technologies, and Ethereum).
There is a renewed focus on leveraging AI models to identify potential “100 bagger” investments.
Decisions
(No formal decisions recorded in this transcript.)
Open Questions / Follow-Ups
No amounts or percentages were given regarding the precise allocation to Opendoor or the other positions, leaving fund composition details incomplete.
No specific next steps or follow-up actions were identified during the discussion.