Jason Hall

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.

I don't know if I would say it's permanent, but I think that we can certainly think that this may be a generational shift.

The trend aligns with data that younger adults are less likely to go out in public group settings, like bars, and have become more socially isolated, spending more time on apps.

Honestly, some of the trends that have led to the rise of the Robin Hoods of the world are things that are, on the other side, maybe affecting this.

We could talk about the negative implications of that.

In terms of less social activity, less engagement, less interaction with real people in the real world.

There are some upsides to less alcoholic consumption.

At the same time, there's also anecdotal evidence that the social lubricant aspect of social drinking has some net positive aspects for society.