I don’t know the long term story, but I don’t understand @RobinhoodApp
People shouldn’t day trade or pick stocks.
Long term, people should have diversified portfolios. So they are good if they become Wealthfront?
What am I missing?
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There's a bank-shot case for liking Robinhood as a non-user, too: they're competitive pressure on commissions, which long-term everyone believes will go to effectively 0 but which are materially non-zero because large brokerages don't quite collude but give good impression of it.
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If you can acquire a user base of reliable losers, you can take the other side off all their trades and come out in pretty good shape.https://support.robinhood.com/hc/en-us/articles/360001397126-What-s-Clearing-by-Robinhood- …
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Robinhood is not a counterparty to their users' trades. That is unambiguously incorrect.
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I'm pretty dour about RH itself, but it has been useful as a tool to help some of my friends get out of essentially poverty trapping themselves and get them excited(!) about the idea of building wealth and saving money for the first time in their lives.
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Imagine learning about bond ETFs and realizing you can make more than savings acct pittances. Lowering the bar is in some sense crazy, but it has made it easy to give to my friends an optimism for the future. Now if only RH wouldn't gamify trading with their notifications...
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I think it works if you view the free stock trading as CAC
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