Robinhood and Kevin O'Leary
- Thread starter zdreg
- Start date
Kevin talks his book but because he wants to be convinced otherwise. He's a very smart man.
I dunno, but Robinhood is probably the shittiest brokerage in existence, and only total noobs would be dumb enough to keep their money there with 0 customer service by phone in case of an emergency.
There have been so many who were hacked and had to literally sit there and watch their money drained before their eyes because all the got from multiple customer service messages were canned email responses. Though for some reason the g ed generation on millennials and Z's that make up their base love them. They say the UI looks like a video game. As if their brokerage account is a video game I guess.
At least you know you won't get any support. Wait until you get a market crash and try and get your broker on the phone.
" We are experiencing higher than normal call volume etc etc."
Correct.
Every fact you say is true but it is meaningless from O'Leary's point of view as an investor in the company.
Robinhood has 20 million accounts . The founders built a business from a zero base. They forced the a good part of the of the industry to go to zero commission. All the crap that their customers put up with can be cured with in time. Most of their customers are unsophisticated and don't even realize the downside to the platform. The way they invest/trade it doesn't matter.
I don't like vlad personally but he and others are smart guys. They know that the rest of the industry hates them.The industry is a bunch of whiners and are running to the SEC to ban order flow even if their firm gets payment for order flow. They think that they can put RobinHood out of business or buy the firm cheaply.
What is the draw of Robinhood? Ans. 20 million accounts which are so small that they have nowhere but to grow overtime as their young clientele mature and leave their parent's basement. Plus it is still the in firm of the generation of even younger potential investors coming after the millennials. My guess is in time they will just continue to grow by going into crypto-currency and other products or be bought out by some old line firm.
Where will they go?
To the basement of their girlfriend who is living in her parent's basement or is it visa versa
The only reason you should need to call your broker during market hours is because their platform is down or your order was executed incorrectly.