There's a genre of HN comments I never want to have to make again about discount brokerages and retail investors so I wrote the consolidated omnibus version to copy/pasta into future discussions about it: https://www.kalzumeus.com/2019/6/26/how-brokerages-make-money/ …
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Replying to @patio11
That was brilliantly clear and insightful. So it seems like attractive interest rates (eg at Wealthfront and Marcus) on cash (narrowing spread) is likely to be quite disruptive if it catches on.
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Replying to @TheKanter
I think that the combination of a few big banks and brands willing to do attractive spreads plus the increasing perceived velocity of money due to it being on an app all the time implies bad things for companies which depend on cheap inertia-bound deposit sources.
10:42 AM - 25 Jun 2019
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