Paul Kiernan
speaker
175 appearances
3 recordings
1 series
first heard Jun 2018
last heard Aug 2021
Paul Kiernan’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Robinhood, Other Online Trading Apps Draw SEC Attention · 31 Aug 2021
podcast
It's really too soon to say.
But if regulators come to the conclusion that by making their apps fun,
really fun and exciting and game-like, something akin to Candy Crush.
And they're getting investors to trade really frequently, which basically every study has shown is pretty bad for retail investors, especially if they're not very sophisticated, or even if they are sophisticated.
Frequent trading isn't really associated with good long-term outcomes.
If apps are getting people to trade really frequently because they're fun to use, then maybe the outcome of all this is that some of those fun features get discontinued.
Well, a Robinhood spokeswoman said the company is happy to see the SEC recognize the benefits of increased retail participation in markets and looks forward to engaging with the agency.
Other firms have said they welcome the chance to speak with regulators about the need to balance investor protections with encouraging more retail stock ownership.
Another platform, public.com, has said gamification, which is the term that some people use to describe the process of making a trading app feel a little bit like a game.
Public.com says gamification is neither good nor bad, and we should support companies to
leveraging technology to help investors build better investing and saving habits.
So you can hear a little bit of wariness coming from the industry, but they're not going all out, full-court press against this initiative yet because it's very early stage.
In terms of changes that some trading platforms have put in place, you know, I mentioned Robinhood's discontinuation of digital confetti.
They've also tweaked a feature on their app that used to show stocks for you, which sounds a little bit like a recommendation.
And now it says, you know, popular stocks.
So the industry is listening here and they're making changes, but they're trying to balance that against probably the tremendous success that they've had with retail investors and some of these features.
Sure thing.
Thanks for having me, JR.
The uncertainty could affect consumer behavior.
And what economists say should really be avoided is making large numbers of people responsible for paying more for housing than they otherwise would.
Showing 61–80 of 175 · page 4 of 9
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