Robinhood

“One is this Robin Hood's first role as an underwriter. They're listed 18th and last.”

“I think it comes from them. Because first, they're still founder-led, or Revolut, also. They're still founder-led. Those founders are pushing the boundaries of all of this. They are at an age, and they are at a place, and if you talk to them, they're still as …”

“I do think it's cool that Robin Hood built the app for them. Like that's kind of cool.”

“They grew their business and they were able to saturate the U S market. But they weren't able to go global.”

“One of the early stories from Robinhood I love is that the deposit amounts from people with iOS were twice the ones from people with Android. And their assumption was just, oh, like people with iPhone just have more money. So they're depositing more money. And…”

“It's our fintech provider, Revolut, which has stolen the show, and I think on the next round will be considerably more valuable than Robinhood.”

“I, I'm a Robin Hood user because I'm in the US, so I'm going to say Robin Hood, but I do think Revolut is very well positioned. Honestly, it's really hard. Maybe Revolut. It's a close, it's a, that's a close one.”

“Robinhood is launching a new feature that lets customers hand their trading and credit card purchasing decisions to their favorite artificial intelligence tools. Robinhood users can link an AI agent like Anthropics Cloud or the Coding Agent Cursor to separate …”

“The second you start researching stocks in ChatGPT, we're going to get to a place where ChatGPT or Claude will offer to build a strategy for you. We'll have access to your bank account. We'll ask if you want to portion some money towards, you know, giving this…”

“I looked at, you know, Robin Hood, great company. But early on, you know, they declared a kind of they declared that they had government-insured accounts that weren't government-insured. They had some slip-ups and a lot of apologies get made. You could do that…”

“Actually if you look at where people ACAT accounts from, You know, where they like consolidate brokerage accounts from for us. It's Schwab, Fidelity, E-Trade, Vanguard, and then Merrill and Robinhood. So, so we are much more competing with the incumbents than …”

“Even for Robinhood, I think one of the best things I've ever done is to become public. Because you suddenly can build a retail base of followers that own your stock, that will root for you. And I think that today that is a very powerful thing.”

“You've got these like crazy new synthetic venture funds that are being traded on Robinhood.”

“Ah, in the beginning of last year, we launched the first broker partner that we had was actually, ah, Robinhood and then Webull.”

“Robin Hood has 13 product lines now doing over a hundred million in revenue.”

“We had to make a tough call to put GameStop and a bunch of other companies on position closing only, which basically meant you couldn't open up new positions, take on more risk for a period of about one day.”

“GameStop was one of the collection of free, free stocks that was given to customers.”

“We don't really have any business with hedge funds.”

“We went from IPO-ing at about a thirty two billion dollar valuation in 2020 one to in 2022, we were We were trading at like six dollars and change. So we lost. 80% plus of our market value since IPO”

“We followed that up with Robinhood retirement, which has Over one and a half million accounts.”

“We become a business that has 11 business lines now with over a hundred million in annual revenue.”

“We went from, I'd say, end of 20 19, we had 700 people and something like 202 hundred and change million in annual revenue to in the next year, end of 20 20, we had thousands of people and close to a billion in revenue. It's like a three, three, three X plus i…”

“I was like, I don't want to be a wellness day company. We have generous PTO. Take a PTO. And this whole idea that an entire org or team would take the same day off. That seems like a problem. What if there's an issue and we need someone? The entire org is taki…”

“Think about a typical company. People are paid Generally proportional to the org size that they manage. And if you think about what that incentivizes empire building. I want to have a big org with a big team because then according to traditional HR metrics, I'…”

“Generally speaking, I think what most companies suffer from is process getting in the way and actually making it very, very difficult for people to get rid of low performers.”

“A lot of the companies in our space tend to get older as they get further along, and the, you know, the folks working there can be more disconnected from the young people, and then that puts you at risk of becoming a more of a generational company in the sense…”

“I don't like having a lot of one-on-ones and some people are big one-on-one fans, but over time I've You know, my one on ones are basically on demand when you need something critical or some important decision needs to be made.”

“We're doing one on December 16th of this year. So towards the end of the year, and it's called yes, no. So it's an event on prediction markets and AI.”

“By and large, if you interact with customer service on Robinhood, you're interacting with our AI agents.”

“Then you have phase three, which is, okay, now I can actually do non-read only actions. I can change stuff. Maybe I'll refund you if, you know, you're not happy with your purchase. You can refund your gold subscription fee. So that involves actually some prett…”

“So we have a great IPO access offering, which is the number one retail channel for IPO participation. And we started this in 20, 21 around the time that we went public. And we've done, I think, roughly 50 IPOs since the beginning.”

“And I think the same thing is going to happen for private retail access. It's just going to go earlier stage, but the benefits are so strong that I think that there'll be It'll be standardized as time goes on.”

“Even though it's still not completely generally available, we do have over half a million cardholders and we're among the fastest growing credit cards.”

“I think it's a cost structure problem. You look at the big credit card companies and they have tens of thousands of people, right? Tens of thousands of people that are manually servicing the, these accounts and, you know, that they spend a ton of money on mark…”

“So in order to get the three percent cash back, you actually have to deposit the funds into your brokerage account. And so we've created this flywheel through Robinhood Gold where by using the credit card, you also use the brokerage product... If someone uses …”

“And it's a combination of things that you won't get anywhere else, like real-time cash delivery. Which is available in New York. So if you're actually here domiciled, you can try that out.”

“Yeah, and we have a mortgage partnership with Sage Home Loans that gives you 75 basis points off of the national average.”

“So I don't think we necessarily want to get into the mortgage underwriting business or holding mortgages, but we want to get, we want to help people with all of their financial needs. And I think for that one, being a network and allowing different banks to co…”

“I remember back in the day, I had a chance to invest in Robinhood when it was, like, super, super early on, and I'm an idiot, and I didn't, but the reason why I didn't, I actually kind of stand by, which is that I really don't think you should gamify Stock mar…”

“I don't think we'll look back at those kind of tools as having helped a generation of people.”

“A lot of this stuff feels like conspiracy theories that it feels very similar to the Robin Hood, GameStop, Fiasco where there was like a lot of conspiracy theories about like Citadel purposely tanking markets and the bailing out hedge funds at various points. …”

“Which we were the first company to actually stream our earnings on Robinhood, other than Robinhood themselves.”

“There are tons of people investing in things that are just based on stories, like because of social media and because of Robin hood. And so there's just endless amounts of shorts.”

“Vlad from Robin Hood, when Robin Hood was getting started, he put up a Kickstarter. Saying, hey, I'm going to try to build this company that's going to change the way the financial markets work. And if you guys fund 10,000 dollars, we'll film it. Because how c…”

“And now we have 11 business lines that generate a hundred million in annual revenue or more.”

“The cash sweep program, we call it the high yield offering has gone from basically nothing in 2022 to tens of billions of dollars under custody.”

“And now the margin book is, I mean, it's well more than doubled in the past year.”

“Robinhood gold itself, which is a subscription product, we're up to four million gold subscribers, you know, and that's really ramped. Now, now at this .15% of all of our customers thereabouts are Robinhood gold subscribers, and of the customers that join on a…”

“I think if you look 10 years from now, we see a world where more than half of our revenue could be outside the U.S. And also cut another way, more than half of our revenue could be business and institutional rather than retail.”

“One of the big use cases of prediction markets is not just as a trading product, but almost as a news media product, the source of information.”

“A lot of our predecessors get into this trap of being a generational company. And I think that's certain death, right? Because eventually like. Nobody's figured out how to live forever. So eventually their kids are going to inherit the money and, you know, the…”

“And you might know Robinhood just added weather prediction markets on the platform.”

“You can trade and hedge fire risk. You can hedge hurricane risk. And if you think about the process of like insuring yourself against a fire or a hurricane, It can be very expensive and it's cumbersome. You have to talk to a broker on the phone and the contrac…”

“Our business right now, we've got about three hundred fifty billion assets under custody and it's fairly well diversified. You know, the bulk of it is in stocks and we have a little bit of crypto as well.”

“Whereas in 2021, Robin was much less diversified. We had higher concentration in, in crypto, particularly Dogecoin. And a lot of the activity was much more concentrated in stocks that were sort of like these meme story stocks.”

“So we went from, I think, hundreds of listeners on the old Polycom style earnings to tens of thousands, maybe, maybe even a 100,000 at the last one. So it increased the actual audience of our earnings by multiple orders of magnitude.”

“So they became the first partner that we actually they not only live stream their earnings and took questions live, but they live streamed it in our app on Robin hood to their retail shareholders.”

“1500 stocks are available for trading in Europe right now.”

“There's like a three phase plan. Tokenize more stocks and then we have to integrate them into Bitstamp to allow 24 seven trading and also unleash them on DeFi so that you can self custody them and, Do collateralized lending and borrowing and all of that stuff.”

“And we did it with our IPO, which was the largest retail allocation of an IPO of its size. And we did something like 25% retail. And this was in 20, 21.”