Jason Hall

Yeah, Jeff, I think that's right in terms of what's happening now.

But again, I think thinking about the difference between the cyclical realities of these sorts of businesses and the secular trends is really important.

Yes, it's a blistering market for stocks and crypto is driving the bulk of the results.

But look at BlackRock, which is an absolute giant here, just reported a 17% increase in assets to $13.5

trillion.

Most of that was the result of increases in stock market value.

I think that 10% accounts growth, that's nothing to sniff at.

This is an incredibly saturated market.

That means that a lot of those customers that Robinhood is gaining, it's taking them from someone.

This is an expansion of the market.

It's less just a gamified app and a taxable brokerage account than it was when Robinhood first popped up.

As it adds more offerings, I think it's going to become stickier.

The retention rates of brokerages are already in the mid-to-high 90s for the industry.

The goal for Robinhood is to keep young users for decades.

That's what they want to do.

Again, with banks, there's the cyclical reality, but the secular tailwinds are favorable.

Those same young users that are choosing Robinhood now,

They're going to receive a massive portion of the $100 trillion-plus wealth transfer from Boomers to their kids and grandkids over the next couple of decades.

A lot of that's going to be leaving legacy platforms.

If Robinhood plays its cards right, it's going to go into Robinhood accounts.