Inside the Robinhood Revolution With Vlad Tenev

The Compound and Friends

Josh Brown

Business News, News, Investing, Business

4.7 • 2.2K Ratings

🗓️ 5 December 2025

⏱️ 71 minutes

🔗️ Recording | iTunes | RSS

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Summary

On episode 220 of The Compound and Friends, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Downtown Josh Brown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ are joined by Vlad Tenev to discuss: the Robinhood story, the retail trading landscape, GameStop, prediction markets, and much more! Today’s show is brought to you by Goldman Sachs Asset Management. With Goldman Sachs Active ETFs, you gain more than an investment, you gain access to the innovation, expertise and service of Goldman Sachs. Find out more at https://am.gs.com/relentless. Sign up for The Compound Newsletter and never miss out: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecompoundnews.com/subscribe⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Instagram: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠instagram.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠twitter.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠linkedin.com/company/the-compound-media/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ TikTok: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠tiktok.com/@thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠⁠⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	So we have a little, we have like an outline and it's going to be linear.
0:04.6	Like tell us, you know, we're going to go from the beginning and the cultural impact that
0:10.5	Robin and has had and we have some really cool charts.
0:13.2	And then we're going to get into the WSJ profile and what you've been saying recently.
0:19.5	And then we'll go into some of the big market
0:22.0	opportunities for you guys. So I have in here, obviously we'll talk a little bit crypto and options,
0:27.7	but we definitely want to get into the RAA stuff. A lot of our listeners or advisors. And there's a lot
0:33.7	of curiosity about that. So we'll talk about RAA custody and trade PMR.
0:38.5	Prediction markets, I'm fascinated by.
0:40.9	I have some of the most hilarious bets on right now.
0:45.7	I'm not using the, I'm on Cal She, not Robin Hood.
0:48.3	So I don't want to, I don't want to piss you off.
0:51.8	We got to move you over.
0:52.8	Do you have a Robin Hood account? Yes. My kid stole my Robin Hood account. Oh. Yeah, yeah. Are they trading on prediction markets? No, he's doing, he's doing stocks and probably crypto. So I think, I'm not as bullish as maybe you guys are in the street as on prediction markets. We'll talk about that
1:10.9	on the show, obviously. But I think there's a really fascinating behavioral aspect of this. Yeah. So I bet a lot on football and stuff. And if, so the Giants were minus 370. I'm sorry, the Patriots. Yes. The Giants are minus 370. And like just mentally, I don't want to bet $370 to $100,
1:26.1	it sounds like the dumbest thing ever.
1:27.6	But if you flip it and you say,
1:29.7	you could buy a dollar.
1:30.7	Yes or no.
1:31.4	No, listen. Mentally, I don't want to bet $370 to $100. It sounds like the dumbest thing ever.
1:44.3	But if you flip it and you say you could buy a dollar. Yes or no. No, listen, I'm saying if you could buy a dollar for $0.78, then in my mind, I'm like, wait, that's like a 20% return. Like, of course the Patriots could be the Giants. It's like 20% free money. Yeah, yeah. So it becomes like an income generating strategy, right?
1:45.4	But you just flip it.
	...

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