In short: The fail-of-the-week exhibit. Keith Rabois defended it on CNBC in 2021 as GAAP-profitable and dismissed stock-based compensation as "fake" — "when a company gives away shares, equity from other investors, it just prints more of them"; Carlson's rebuttal is that this is a real expense, and Uber's own CFO says so publicly ("Stock comp is not one of those items"). The verdict is the chart: since that interview "the stock has literally gone nowhere. And most of the time, people have been bag holding this one for over 5 years. It's just been obliterated." Used as the cautionary case against adjusted-earnings storytelling, not as a short idea.
Opendoor buys homes directly from sellers and resells them. It appears here as a cautionary tale rather than an investment view. In a 2021 CNBC interview, investor Keith Rabois insisted the company was profitable under standard accounting rules; when shown the reported losses, he dismissed share-based pay to employees as a "fake" expense.
It isn't fake. When a company pays staff in newly issued shares, existing owners end up with a smaller slice of the same business — a genuine cost that simply doesn't move cash. Uber's own finance chief made the point publicly: "Stock comp is not one of those items. More companies should include it as a real cost."
The verdict is the price chart. Since that interview the stock "has literally gone nowhere," and "most of the time, people have been bag holding this one for over 5 years." The lesson Carlson draws is about adjusted-earnings storytelling generally: when a defence of a business requires deleting a real expense from the accounts, the business usually isn't earning what its promoter claims.
26:13Maybe an accountant can can talk to you. — for a reason. — This continues on, calling it stupid, saying that it's really profitable. And he talked about how OpenDoor was a great investment. And by the way, this is the stock price of OpenDoor. You can see the great investment here. That interview happened right around here.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.