Robinhood Comes Clean: Giving the Gamblers What They Want
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Robin Hood comes clean. I did a…
to show us a couple of weeks ago and how, you know, investors are losing their shirts and how they go about losing their shirts and how the game is played. And I couldn’t believe it. And actually, I kind of respect it. I do. I kind of respect the fact that they’re actually coming clean on exactly who they are, how they make their money and what they do. Yeah. Vlad Tenev.
Again, doing an interview and talking about his business in the Wall Street Journal. Traders are flooding markets with risky bets. Robinhood CEO is their cult hero. And talk about how Robinhood held some sort of get together conference out in Las Vegas. And Vlad comes out on stage. He’s wearing an F1.
suit and fancy sneakers and everyone’s going crazy and they’re cheering for them. And I was thinking about it. I said, do you think they ever ever see gamblers? And again, it’s it’s fascinating. You ever see gamblers like cheer on the owner? The owner of the casino. You look at. You know, you look at, you know, was the Ocean’s 11.
movies, know, the casino owners are portrayed as the bad guys, right? But you know, the reality around the situation, you’re see people go to casinos and cheering on the owners. But that’s what these people were doing. And he basically telling them is comparing Robin Hood to having
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F1 a Formula One race car that’s type of things that they are doing and he he talks about the fact and he actually admits now that
We are introducing various different asset classes and capabilities to people. That’s what they want. Later on in the article, we’re giving the people what they want. And I heard that I’ve heard that before. I’ve heard I’ve heard drug dealers being interviewed on on programs. I’m like, what are you getting mad at me for? I’m giving people what they want. I also heard this from a
an attorney, an attorney who was representing some of the boiler room operators. This is way back in the 1990s, you know, at a bar and, you know, argument with them is like, you know, basically telling me who are you to determine what a good investment is or how do you know how this thing is going to turn out? You could be wrong. We are providing people something that
they want and that’s again, that’s I get thinking about it again. There’s a scene in the big short and you know, the lady from Goldman Sachs is like, hey, we’re Wall Street. OK, we’re here to sell stuff. If you want to buy it, we’re going to sell it to you. And. I’ve never I’ve never had that philosophy. I think that these guys are not fiduciaries. OK, they’re not. They’re a casino.
That’s basically what they are. We didn’t get involved into any of this and again, approached back in the day and I’m like, no, no, this is people are just gonna lose their shirts. They’re just gonna do the wrong thing. You know, all of these various different tools and things that you’re giving them, people don’t know how to use them. Human nature is gonna get in the way.
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what’s happening and again they did this column was interesting was before the market corrected over the past couple of weeks and wiped out so many people but they freely admit now what I have been telling you and again I kind of like I said I kind of respect the fact that they’re being honest now and they’re saying yeah we make most of our money we cater to we cater to the day traders and the people out there that want to buy all of these for lack of a better phrase really
funky and highly speculative and I’m using air quotes, asset classes.
they’re going to lose. And they know that.
Again, I can only present this one way to people. It’s just not about, it’s not about, Bill, this has nothing to do with building wealth. This is again, looking for shortcuts, get rich quick. Again, and Robinhood’s not giving out free beer like the casino is giving out free beer. You know what’s interesting too? And I didn’t even think about it at the time. I even think about it at the time. Robinhood is now in the S &P 500.
Wanna know what replaced in the S &P 500? Caesars. I kid you not. Watchdogonwallstreet.com.
