Jason Zweig

speaker

906 appearances 17 recordings 1 series first heard Jan 2018 last heard Sep 2022

Jason Zweig’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Robinhood Trading App: A Seasoned Expert Puts It to the Test · 11 Dec 2020 podcast

Well, I think it's really important to highlight that stocks and other financial assets don't always go up. voice-verified

And I think there's a lot you can do to make risk more obvious and to make people realize that it isn't just return that matters, but it's also the risk you take to get that return back. voice-verified

that matters. voice-verified

And a lot of the rapid big gains that traders have made this year, especially novice traders, probably aren't sustainable. voice-verified

If we enter a period where average stock market returns are lower or even negative, a lot of what looked like skill will turn out to be just luck. voice-verified

And if all you do is highlight how much money people are making and you de-emphasize the risk that they're taking to make it, you can really give people a dangerous first impression that trading is easier than it actually is. voice-verified

What I would like to see is the same technological brilliance that went into making trading look so appealing go into developing visuals that would explain to people that, you know, some of this trading could lead to losses and maybe you should think twice before you do some of that. voice-verified

And I think, you know, Robinhood is very capable of developing that kind of technology and that would give a more balanced picture. voice-verified

They've said that, you know, they have general warnings about the risks of ETFs that are available to Robinhood users. voice-verified

But there is no specific warning that these particular ETFs are much riskier than ETFs in general. voice-verified

Inexperienced investors do have a history of misusing these leveraged ETFs and really hurting themselves with sudden unanticipated losses or even with gains that are much less than they might have anticipated. voice-verified

So these are highly risky investments that other firms do flag. voice-verified

And since Robinhood makes a point of saying it specializes in catering to unsophisticated investors, that's an area that I think raises some potential questions. voice-verified

First of all, free trading and trading in fractional shares, meaning that you can buy very small amounts of stocks even if they have high stock prices, is kind of universally available now. voice-verified

Virtually every large brokerage firm and company. voice-verified

brokerage app has very similar features. voice-verified

Trading is free pretty much everywhere. voice-verified

You know, you can buy one three hundred thousandth of a share of Berkshire Hathaway for a dollar at just about every brokerage firm. voice-verified

You don't have to buy one share. voice-verified

You can buy voice-verified

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