Vlad Tenev

And so I think that was the beginning of that.

In a way, that tells you you were successful in that moment.

I mean, we were successful.

And then we announced we had 10 million customers in the U.S.

A lot of people think, oh, COVID is really when I started hearing about Robinhood and when it really grew.

And that's true.

We basically tripled the business in 2020.

You think it's because people had more time?

I think it was a confluence of factors.

I mean...

Certainly people had more time and a lot of people weren't working anymore.

And we kind of lowered the barrier to the point where if you were a service industry worker, for example, you were on Robinhood, you didn't really have alternatives because we were just so much cheaper.

So our customers probably had more time on their hands.

you had the market crashing in March of 2020.

So the market just dropped by a huge amount, which if you're an older customer, like a retiree, you end up kind of turtling and getting into a defensive posture.

The market crashes, okay, I'm gonna sell my stocks and put it in safer assets.

But our customers were younger.

If you're a younger customer, the psychology flips.

And instead, you're like, I've been waiting for a good entry point.

I have a long time horizon.