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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    Patrick McKenzie‏ @patio11 13 Jun 2019
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    Intriguing survey question from Wealthfront:pic.twitter.com/X0B4plMept

    7:34 AM - 13 Jun 2019
    • 1 Retweet
    • 29 Likes
    • unfortuNate (dad)jokes 🧙‍♂️ Alex Yen Dylan Graham kevingao.eth Sratha 3.1 🐱 Melissa Tsang Jonathan Sloan paul shinn Aneel ☕️
    8 replies 1 retweet 29 likes
      1. New conversation
      2. Patrick McKenzie‏ @patio11 13 Jun 2019
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        I’ve heard it joked that every tech company wants to be a bank but *truly* every brokerage wants to have a bank attached.

        3 replies 1 retweet 28 likes
        Show this thread
      3. Patrick McKenzie‏ @patio11 13 Jun 2019
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        “Why?” Greater share of wallet, greater share of habit than investing services (and therefore keeps your AUM sticky), and great monetization options on both stocks and flows of cash*. * Not physical cash; distinguishing it from value in investments, some of which are cashlike.

        3 replies 0 retweets 12 likes
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      4. Patrick McKenzie‏ @patio11 13 Jun 2019
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        “Can you explain that?” So one investment option is called a “money market fund” and it is functionally not an investment, because they are (de facto) backed up by issuer and government guarantees which make them approximately as solid as insured bank deposits.

        1 reply 0 retweets 7 likes
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      5. End of conversation
      1. New conversation
      2. Kamil Choudhury‏ @kchoudhu 13 Jun 2019
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        Replying to @patio11

        https://www.wealthfront.com/portfolio-line-of-credit … How did I not know about this.

        2 replies 0 retweets 1 like
      3. Patrick McKenzie‏ @patio11 13 Jun 2019
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        Replying to @kchoudhu

        It's unfortunately much pricier than InteractiveBrokers.

        2 replies 0 retweets 2 likes
      4. 5 more replies
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      2. Robert‏ @robzepeda 13 Jun 2019
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        Replying to @patio11

        Interesting that they phrased it as a "Cash" account as well. Seems like the lines between money market accounts and savings/current/deposit accounts are becoming increasingly blurred. Didn't Robinhood get into trouble for their phrasing in this way?

        1 reply 0 retweets 0 likes
      3. Patrick McKenzie‏ @patio11 13 Jun 2019
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        Replying to @robzepeda

        Robinhood and Wealthfront have different backends for the offering, though. Wealthfront does effectively a nightly cash sweep to bank accounts; Robinhood had a SIPC-covered brokerage account. SIPC said not coverable b/c account not ~solely intended to purchase securities.

        1 reply 0 retweets 5 likes
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      2. John M. P. Knox‏ @WindAddict 13 Jun 2019
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        Replying to @patio11

        Personal Capital just introduced a savings account too. Their pitch is pretty killer too. They know your bank, so they show a graph of your APY vs theirs. 💥

        1 reply 0 retweets 1 like
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      2. Erin Holmes‏ @ErinJHolmes 13 Jun 2019
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        Replying to @patio11

        Did they add a survey question about holding your 401k too? Not sure if they do that yet but seems plausible and likely as there is way more sitting in retirement accounts than savings and checking.

        1 reply 0 retweets 1 like
      3. unfortuNate (dad)jokes  🧙‍♂️‏ @perlhack 13 Jun 2019
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        Replying to @ErinJHolmes @patio11

        Balance is way more stable too

        0 replies 0 retweets 1 like
      4. End of conversation

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