đ§ Is Robinhood the new Fidelity?
Not yet. Maybe in a decade.
Hi all! Lately Iâve been traveling a little bit too much for my liking. Just got back from NYC where I was having the CEO of Robinhood on the channel. Youâll likely see that uncut, live conversation up this week on YouTube.
I also realize that a lot of people on the internet do not like Robinhood after the GameStop/AMC events in January of this year. So why did I accept the opportunity? My stance has always been, well, I think Robinhood has ultimately done more good than bad for the financial industry. That, and I was a bit selfish. I think being able to chat with Vlad and have it on the channel means that in the future we'll be able to bring you more conversations with prominent figures in business (in effect, social proof for other prominent figures).
In addition to our conversation, I thought the additional content that we captured was unique, weâll have some behind the scenes footage of what the Nasdaq building actually felt and sounded like as the first trade went public, which, I think is pretty cool to share with you all and isnât shown much, if at all, on YouTube.
If youâre upset about the RH situation, vote with your wallets and stay away from the stock. I personally have not bought into the stock because I think the risks outweigh the upside for the time being, but I could see long term upside with this company in say, 10+ years since it may become the default brokerage for new investors. It has a long way to go before it replaces Fidelity.
So I hope you look forward to that later this week, for now - enjoy Hump Days, and see you next week :)
In the Markets
These âin the marketsâ snapshots are taken at end of week, but since then - Bitcoin is up to the $40-42k mark now!
Upcoming Earnings
The ride-share company earnings should be interesting, same with Square & AMC. Would like to see what is going to happen with their quarterly reports now that the economy is âopenâ, or âhalf-openâ.
Weekly News Roundup
Nikola Founder Milton Faces Charges He Lied to Support Stock (BBG)
Trevor Milton, founder and former chairman of Nikola, has been charged by prosecutors with making false statements to investors. In the last year, the company went public and immediately faced questions about production and technology.
HY: No surprise here, the Nikola story is pretty infamous. A lot of false claims about having a product that wasnât actually ready which all came crashing down.
Money Managers World-wide Put $900B+ into U.S. Mutual Funds and ETFs in the First Half 2021 (WSJ)
In a record amount, money managers around the globe signaled their faith for the U.S. economy recovery, pledging over $900 billion into U.S Mutual Funds and ETFs.
HY: I do think the âday-tradingâ frenzy is over (of earlier this year). There is about $5 - $5.5 Trillion Dollars invested in ETFs, and $24 Trillion invested in Mutual Funds total worldwide. So $900B+ isnât insignificant amount to allocate into ETFs and Mutual Funds, but itâs not like it will move the needle A WHOLE lot, but it signals to the retail investor that it might be a good time to also start doing so.
Biden Calls on States to Offer $100 Cash Payments for Vaccinations (CNBC)
The latest surge of the highly contagious delta variant is behind the White Houseâs push for more and more vaccinations to mitigate risk of severe symptoms.