Modular AI Set to Disrupt $13T Mortgage Monopoly
Mortgages are the $13T prize, yet they run on Cobol mainframes that break at 99 draws. Cagney and Berman reveal how modular AI finally kills the bank monopoly. (0:00) Why Are Mortgages the $13T Prize? (0:49) Can Modular Tech Finally Remake Mortgages? (1:54) Why Did Figure Partner with Valon? (3:50) The 99-Draw Limit: How Broken Is Bank Tech? (6:03) How Does Valon Scale Infinite Columns? (6:48) Can Better Servicing Lower Delinquency? (8:48) Why Does Private Label Branding Matter? (10:22) The Trivial Problem That Baffles Banks (13:05) Why Do 50 Credit Points Change Lives? (14:12) Is Servicing a Negative CAC Business? (16:32) How Does the "Rest" Beat Rocket Mortgage? (17:10) What Are the 3 Pillars of Mortgage Success? (19:38) Why Is Software Only a Temporary Step? (20:46) Are Agents the Future of Capital Markets? (22:33) Why Does the 12-Month Relationship Matter? (24:54) Is the RIA Channel the Next Growth Vector? (27:05) Why Is Servicing the Ultimate Defense? (29:35) Why Is the GSC Paradigm Failing? (32:34) Can AI Agents Close Loans End-to-End? (35:01) Is Underwriting AI Safer Than Humans?
Mike Cagney’s Blueprint to Tokenize the $74T DTCC
Mike Cagney is dismantling the $74 trillion DTCC monopoly. Why wait for incumbents to innovate when you can just build a better, cheaper, and more transparent financial stack yourself? (0:00) Why hasn't the $74T DTCC been tokenized? (0:18) Why won't stocks trade...
Google AI Advances While iOS Siri Falls Short
switching back to pixel. google's ai getting much better and more embedded. iOS and Siri are an embarrassing exercise in frustration. voice to text in particular is crap.
Financial Planning Software Moat Is Thin, Easily Replaced
what's the moat for financial planning software? one of my portfolio companies ripped it out and built their own...it was not hard.
Cozy Presidio 1‑Bed, $10k/Mo, Outdoor‑Lover Friendly
FOR RENT. Cozy 1 bed in the Presidio. Natural finishes. Lots of light. 4 roommates. $10k/mo. Must love the outdoors. DM if interested.
Incumbents and Fintechs Yield Same Profit Margins
Schwab pays ~20 bps on cash. Wealthfront pays 330 bps. Schwab keeps 290 bps. Wealthfront keeps 60 bps. Craziest part -- both have ~36% net income margins. The ops heavy, extractive incumbent model and the tech powered client-aligned model converge at the same...
Mortgages Trap Workers, Limiting Job Mobility—Denmark’s Solution
Our mortgage system sucks. One under appreciated reason why is that it reduces labor market flexibility. People won’t move to a better job b/c they are locked into a low priced mortgage. Here’s the danish fix:
Costco Could Dominate Cloud Kitchens with Affordable Family Meals
Hot take — Costco kicks the crap out of cloud kitchens. Feeing a family of 5 for ~$25 inclusive of delivery. Costco is sitting on a gold mine. They have quite limited selection for the prepared meals, and honestly, they could...
Banks Can Close Billion‑Dollar Deals Faster Than Startups
Why did Capital One then move faster than a startup to close a multi-billion dollar deal? (0:00) Largest Bank Deal in History? (1:31) How to Close a $5B Deal in 30 Days? (2:51) Is Silicon Valley Missing the Growth Story? (6:23)...
VC IRR Decay 2017‑18 Exposes Overvalued Positions
VC IRR decay for 2017 and 2018 has been bad. And this was before the SaaSpocalypse. IRRs driven by big positions held at last round valuations. What would they look like at true fmv? https://t.co/sLIC9dcEyo
Mercury's Paid Personal Account Signals Fintech’s Subscription Shift
Mercury charges for a bank account while others give it away. Immad Akhund explains why Mercury Personal targets the mass affluent—and what that says about fintech’s next fight. (0:00) Why Charge for a Bank Account Now? (0:23) Akhund: Who’s the “Mass Affluent”? (0:56)...
From Lender to Fintech: Tapping $13T Mortgage Market
Big quarter for figure: - 50% marketplace → they've become a fintech platform, not a lender - 19% first lien → they've entered a market 32x larger than their original one (HELOCs are $400 billion Market. 1st lien mortgages are $13...
Stripe's Managed Payments Automate Tax, Fraud, Dispute Handling
pretty dope release from @stripe. add 1 line of code: {managed_payments: { enabled: true } and boom merchant of record is live don't have to worry about - sales tax - fraud - disputes