Harry Stebbings: Most retail investors on Robinhood are incompetent
Harry Stebbings · 20VC: The Robinhood Memo: The Early Metrics That Showed Robinhood was a Breakout Company, The Cost Structure of Robinhood in the Early Days and Why it is a More Efficient Business than eTrade & How Vlad Has Developed as a Leader Over Time with Rick Yang a · Jan 28, 2022 · at 22:57
Harry Stebbings, host of 20VC, argues against Robinhood's universal access model, asserting that retail investors lack the financial literacy needed to trade safely without testing.
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“I think most of the people who invest in there are incompetent and shouldn't be given dollars. This will definitely be taken out, no doubt. I think this is like, you know, you're empowering people who should not be investing. They do not understand public markets. They do not understand margin calls, and there should be an education test to see if you actually bluntly meet the levels that you need to protect yourself, even.”
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