[Music]

Robin Hood stock hit a new all-time high

yesterday, $100 a share. They announced

this week that they're expanding cryptos

trading to all of the EU countries. The

big headline is that they're going to

start tokenizing US stocks. So, for the

first time ever, US stocks can be traded

in Europe as a new type of crypto on

their newlyannounced Robin Hood

blockchain. They say that they can

actually tokenize any asset from real

estate to private companies, which they

did, and they gave away both SpaceX and

Open AI in token form to Robin Hood

account holders in the EU. This week's

announcement follows their last event a

few months ago where they announced that

they're launching banking services in

the US. And of course, they also have

their own prediction markets. They do

futures. It's all a part of their

overall master plan to ultimately be a

part of every financial transaction that

you make. So clearly, the market likes

what it sees. So far, the stock is near

all-time highs, but is it too high? Is

this the top? The stock price has

tripled in the last 3 months. They're

now worth about half of what the big dog

Schwab is with with their higher value

customers and massive assets under

management. So, today on Dumb Money,

we're going to decide if now is the time

for us to take profits in Robin Hood or

maybe, just maybe, we should double

down. This is Dumb Money Live.

[Music]

Hey there, Dave here along with Chris

and Jordan. We are Dumb Money. Welcome

to Dumb Money Live. Quick reminder to

smash the like button. The almighty

algorithm needs all the help you can get

as we head into a long Fourth of July

weekend. It just takes a second. It's

quick. It's easy. It's free. Find a like

button somewhere on the interface you're

watching. Smash away. Chris, uh, love

the outfit. Uh, before everyone heads

out for the fourth.

That is that is amazing.

If had I known, I would have worn my

Fourth of July costume as well.

Um,

is there a better Dave Jordan, is there

a better stock to be talking about for

the Fourth of July episode than Robin

Hood? Is there a better Is there a

better representation of American

ingenuity, of American ambition,

of American perseverance, of American

creativity, of American aggressiveness?

uh founder. Um but it it's a stock

that's become one of my biggest

holdings. And Chris, just a few days

ago, I saw that you posted on X uh that

Robin Hood has become your top holding.

You know what? It grew into becoming my

top holding. It

It's one of those It's one of those.

Yes. That that just you bought what you

thought you needed and it just kept

going up.

It just kept

the last three months. Any stock that

triples that you hold a lot of is going

to end up being your top holding. If you

remember, Robin Hood was I don't it was

floating between 17 and $26 a share and

we would regularly talk about it someday

being the biggest financial institution

in the world which at the time sounded

clinically insane. Yeah.

Okay. And it sounds a lot less insane

today than it did just months ago when

we were talking about it being the

largest financial institution in the

world. Now people I think are starting

to see what we have seen for a long

time. And those of you all that haven't

been following us for 10 years, you

might not remember the fact that we

called every single series. I think it

was series seed shareholder of Robin

Hood. Uh this is many years before it

went public because we had come to the

conclusion that Robin Hood was going to

be a very big deal. We actually called

them with one of our other partners and

asked if they would sell us some of

their shares privately. Every single one

of them, including I think it was Snoop

Dogg.

Snoop Dog. Yeah, we found we found Snoop

Dogg shares that we were trying to get.

They all said no. They Everyone said no.

There was one person left and it was uh

a guy that owned a winery outside of San

Francisco.

Uh our business partner Smoot called him

and he said, "I'll sell you a million

dollars of my Robin Hood." And so the

four of us split that million dollar uh

allocation. Now, it still had to be

approved by the general counsel. So, we

had the entire deal done and everything

was ready to go. And we sent all the

paperwork to the Robin Hood general

counsel who never signed the deal. Two

and a half months later, we didn't know

what to do. We kept pinging and pinging

and he just wouldn't respond. So I had

met Vlad many many years earlier at

social um no l stock palu Howard Linden

stock pulooa in San Diego when Vlad was

originally pitching Robin Hood before it

was even a real company and at the time

Howard Linden I think was the first

check into Robin Hood and I was invested

in the fund and I went up to Howard and

said this is the dumbest thing you've

ever done. you're going to lose our

money with this one cuz I I heard Vlad

speak and I was like this guy is out of

his mind and this is never going to work

like just I I was a non-believer

non-believer early on. Okay.

How how things change

but but I had a few conversations with

Vad back Jordan. Remember when we had

ticker tags and we had a big deal

working with Vlad and Robin Hood and we

were going to do this big integration

and for we just both got distracted and

we it never materialized. But because I

had those conversations with him back

then I had an open door to communicate

with him. So I emailed Vlad and I said

listen

we are not short-term shareholders. Uh

we're going to buy this stock and we

will not be selling it before the IPO.

We are we are believers. Can you please

get your uh general counsel to sign off

on this share transfer and the next day

the next day we got the call and it was

signed

and and we became owners of Robin Hood.

Now

somewhere I still have the they they

sent like a certificate form of the

share in a PDF that I printed out. Like

how is this even a way to transact

shares? Tokenization makes so much more

sense.

Yeah. Well, it was so complex, but then

the Robin Hood IPOed and a lot happened

during that time. Remember, like if if

we're going back, remember we did the

big Robin Hood episode when they got in

trouble with GameStop and we were angry

with Robin Hood and we were we were

shareholders but still did not like the

decision that they apparently made,

maybe forced into making. But I also

thought even though like I would I

thought the company was being

irresponsible to put itself in a

situation where that could happen. It

was a lot of brokers and I did not think

that they deserved uh what they received

in the marketplace. I just thought that

Vlad at the time quite honestly was a

terrible communicator. Um, and I

defended the company and our audience

went nuts on me like start like

basically

uh uh uh started to drop dumb money made

me pull off my Robin Hood shirt on that

episode. Remember I had to pull it off

mid episode. Yeah,

it it was it was a low moment for me

quite it might have been one of my

lowest moments in all the years that

we've been doing dumb money and I always

hoped that at some point in the future

the world would would move on beyond

that. It was a low moment, not just for

you, but for Robin Hood. For Robin Hood,

I think I think it's kind of come full

circle, right? Because what nearly took

them out, they're now battling back

against using tokenization, right?

What? What? Using what?

Tokenization.

Oh. Oh. Oh, you're right. Using tok No,

you're totally right. Because

look, the the antiquated clearing system

for stocks is kind of what almost took

them out. Um, and they want to they want

to push back against that. And I, you

know, I I think that's a good idea.

Well, that that that's a great way of

thinking about this is if tokenization

was the standard back then, this might

that might not have ever happened. The

whole GameStop fiasco with Robin Hood

might have never

That's right. It's just this antiquated

way of dealing with funds and custody of

stocks that um that really I mean you

know uh everybody's mad at Robin Hood

but it wasn't really their fault. I mean

you could make an argument that they

needed to have more funding to

uh you know to avoid situations like

that but really it's just a you know

that was such a low odds situation that

they were put into. Yeah, but I mean if

the the backlash was huge, there's a

whole movie about it. We're in the

movie. And if you if you don't recall,

the reason that everyone was pissed off

at Robin Hood is because you couldn't

you couldn't buy the stock. You could

only sell the stock, right? And so

GameStop was this fastmoving stock that

was going hyperbolic, but then started

to tank and you nobody was allowed on

Robin Hood to buy. They they deleted the

buy button so that you couldn't you

couldn't buy shares.

And Dave, that wasn't just Robin Hood.

That was like a dozen other random

brokerages were in the same exact

situation. And it was because there was

too high of a concentration risk around

getting like a backup behind one stock

of shares that it takes a while to clear

and you just cannot have that big of a

backup. Anyway, this is fascinating

because on the IPO, if you remember

this, I shortly after the IPO, when it

when I was able to legally do so, as

soon as I was able to sell, I sold my

Robin Hood and I was like, this is going

to be a hangover for this company for a

while. And also, the regulatory

environment was not really in the favor

of a team like Robin Hood that wanted to

be aggressive. And I just it was not a

good time to be in Robin Hood. I sold

out.

Stock chart from IPO day

shot up and then basically just fell off

for for years and just was was kind of

stagnant.

I I started to buy back in I think at

$17 a share, $167 a share. I got in

really really heavy at about 20 $30 a

share. That's when we went all in on

Robin Hood and we started doing our

Robin Hood episodes last year.

Yeah.

Um and it was really the the primary

thesis that we had around Robin Hood at

the time was that Robin Hood Vlad and

his team uh were going to be the biggest

beneficiaries of a deregulatory Trump

administration. That was our ultimate

thesis. and all of the things that Robin

Hood had always dreamed of doing, uh,

that they were stuck the last few years,

they were going to come out like animals

during the Trump administration and just

do it all.

They launched their prediction market in

anticipation of Trump winning, saying,

"Oh, we're not going to get in trouble.

We'll just we'll just launch the

prediction market and predict the

presidency."

So, all of the things that you've seen

Robin Hood do, this has been in planning

for a long, long time. And I'm going to

tell you something right now. This is

just the beginning. There are so many

other things that this company wants to

do, intends to do. And I actually think

that they are going to shove all of

those new projects into the next two and

a half years. Okay? Like I think three

and a half years, whatever. While this

administration is still is still in

control, I think we are going to see

three of the wildest years we've ever

seen in fin creative financial

uh assets and structuring

just because of what Robin Hood they're

going to push they're going to push the

limits of this administration.

Yeah. So your your idea is that the DOJ

is not going to be pushing back on

banking regulations and things like

that. Uh, so Jordan, can I just I I'll

give you I'll give you one example.

Okay. So,

because that has been a legitimate

concern, by the way.

Okay. So, so the SEC chair Paul Atkins

um was hailing tokenization as an

innovation and vowing to put an end to

regulation through enforcement by making

clearer rules. What is the one thing

that every financial institution has

asked for forever? All they've asked for

is give us rules.

Yeah. Let us know what the rules are.

Give us the groundwork,

right?

And we'll follow them.

Allow us to operate around clear rules

that you set. If you tell us what we can

do and what we can't do, we will figure

out a way to do things legally. Okay.

The issue is this damn government has

never set the rules. They've just said,

"Well, we're not going to tell you

anything and then as soon as you do

anything, we're going to go after you."

Which is

which is insane. It's not the way. Yeah.

It's kind of It's kind of like the tax

code, Jordan. Right.

Right.

I mean, they kind of

all the tax rules. We We know exactly

how much you owe, but we're not going to

tell you. You just have to guess. Send

us what you think you owe. And if it's

not enough, we're going to penalize you

and put you in jail.

Yeah. So, so getting to the question of

this episode because it's I' I've

received so many DMs, so many texts from

friends because listen, if you're in my

sphere of of like friendship, uh you are

in Robin Hood because this is all we

talk about is Robin Hood and Nvidia.

Like during our free time, they've all

been asking me like, "What do we do?

Like what do we do? Do we sell? Do we

continue to buy?" I had a I I had one of

my buddies text me, Eric, uh literally

an hour ago, and he his his text was

uh almost feels like Hood is a buy right

here, guys. We'll just watch the episode

in 45 minutes. I'll take this moment to

remind everyone we're not financial

adviserss. We're just joking around with

what we're actually doing, what our

thesis is. We are extremely

uh risk tolerant. and your risk profile

is very different from ours. So, do not

copy our trades or our thesis. Just use

this as a as as idea generation.

But to answer the question of the title

of this episode, it sounds very much

like you're not selling Robin Hood,

you're doubling down.

Well, it's not necessarily that I'm

doubling down, but I am not selling one

penny of my Robin Hood. I haven't even

thought about it for one second. But

I'll give you the why behind that. And

it first of all, to be fair, it's my

number one position. It's my largest

position. So, for me to double down in

Robin Hood would be a really big deal.

Uh, but I am not selling my Robin Hood.

And here's why. I think that what we

just saw with the tokenization of

financial assets sounds like a really

big deal, and it is a really big deal.

But I think what the more important

storyline

is

what got Robin Hood to that point and

it's what we've been saying. I think

that Vlad and his team have plans to

take over the entire financial world and

this is just one piece of it. I do think

that they are going to try to accomplish

as much of that as possible in the next

three years. I think Robin Hood is going

to do things that are going to stun you.

I think they are going to get into real

estate like we've talked about in the

past, right? Like I think they're going

to try to get into markets where no

other uh traditional finan like a

financial broker would even attempt to

get into. But I think Robin Hood is

going to be so aggressive the next few

years that I can't even imagine not

having a big stake in this company

because there is no other financial

institution that I'm even aware of that

even has a plan to attempt to do the

things that I think Robin Hood is going

to attempt to do. I think Robin Hood is

going to be very much like Amazon.

Remember during the last 15 years when

Amazon would get into an industry it's

like oh my gosh they're going to take

over that industry like like

bookto is going to now sell toys.

Yeah like Amazon's going to sell drugs

now like like you're going to get all

your prescriptions from Amazon or

Amazon's going to do this or that. It's

like whoa what is Amazon not going to

do? I think we're going to see a similar

setup with Robin Hood over the next few

years where they're going to plant

themselves into different industry

sectors until someone says, "Now, you've

gone too far." Okay, you've gone too

far. I don't know that anyone's going to

say that the next few years. And

and that's okay. So to play devil's

advocate here, are you at all concerned

about their current valuation compared

to competitors? Schwab is the one that

obviously comes to mind.

I don't think you can compare them to

Schwab because the growth trajectory and

growth rates are totally different.

What if Schwab? Okay, so if you think

about Schwab, Schwab used to be a, you

know, a online broker that charged for

trades and then Robin Hood came along

and they had to offer free trades.

What's to prevent uh I'm not investing

in Schwab. I'm investing in Robin Hood.

I'm just trying to ask the question,

what is to prevent Schwab from saying,

"Oh, well, we can do prediction markets.

We can do tokenization. We can do these

things. Once Robin Hood gets in trouble

or doesn't get in trouble, they've laid

the groundwork. We we'll just do what

they do." I think they ultimately will

do a lot, not everything, but a lot of

the things that Robin Hood is doing, but

they're going to do it way later, way

slower, in much more of an antiquated

way. And they are not going to capture

the minds of the the the the customer

set. Meaning that if you are a youngish

investor, you do not want to be sitting

with, you know, a a grandpa company like

Schwab because it's not fun. It's not

interesting. You're always going to be

years behind in what you're able to do.

Like if Robin Hood can somehow pull off

real estate like we've been talking

about, if Robin Hood can figure out a

way to tokenize

real estate and to actually be the

company that helps facilitate those

transactions as well as all other

financial transactions in the world, uh

that's a company that you're going to

want to be with. Otherwise, you're

waiting years and years for your

financial institution to catch up. And

quite honestly, the majority of young

accounts are

Yeah. I just think I think Schwab has

just missed the boat on this younger

generation by not having, you know,

crypto and all these things just default

in their iPhone app. You can't I mean,

how do you come back from that?

Well, Dave, we've all worked Listen,

when we were younger, we all worked at

huge incumbent companies. You spent a

decade of your life at Yahoo. Is there

was there any way even if you had people

at Yahoo back in the day that saw

something and said we need to jump on

this quickly. It's like three years

later before they actually do and then

they do it in a worse way and right you

know

there were there were people jumping on

things all the time but actually pushing

it to the finish line and launching it

as a product be it just became such a

it's like trying to move through

molasses. You can't do it at a big

company. And that's where I feel like

companies like Google, we we've been

talking about Google and the AI race. I

feel like Google is actually doing more

than we would have expected

considering how big and slow they are.

But um yeah, I just don't see Schwab

being able to, you know, put it into

high gear and launch innovative products

fast enough to get a younger generation

that, you know, all these you

Why? I just think it's true. I just

think they've already, you know, they've

already missed that customer.

Do do you know what I think is the

biggest uh white flag

on Robin Hood is they did something that

I thought was stupid, really stupid, but

it was a big white flag. The fact that

they came out, you remember when they

came out a few months ago and announced

that they were going to deliver cash to

you if you needed cash? That was a dumb

thing. I don't really understand it. But

the fact that someone said this would be

cool. Let's let's float this. Let's just

see if it works. And and and the company

said, "What the hell? Let's deliver cash

to people." Could you even imagine?

Could you even imagine a scenario where

a Charles Schwab or any other financial

institution in the world

that conversation happening within the

walls of Charles Schwab or Goldman Sachs

or you know

would that product ever make it to the

light of day? Never. That one product,

the fact that the CEO came out and said,

"Hey, we're just going to start

delivering cash to you." not knowing if

it would be the dumbest thing in the

world if anybody would use it or if it

would even still be a product in six

months. The fact that this company is

willing to take a risk on something as

stupid as that.

Yeah.

Now, you know, they're going to take the

risk on other things that have potential

to be multi-deion

industries if they work. That's what I

love. That's what that's why we're doing

this episode on the Fourth of July

weekend, right? Like this is what

America is all about. taking huge risks

to do great things, things that are so

wild and so creative that nobody

anywhere in the world in their right

mind would ever even consider doing

anything like this. The spirit of

American entrepreneurial like like

business like this is it. This is what

this company is all about. This is what

Robin Hood is about. like this is why

they're my number one position because I

would rather roll the dice with this

company and take a chance that they

might be a little bit overvalued right

now based on what they've currently

achieved. Uh because

I do want to bring up one thing that

people are bringing up in the chat and

that is this private

you know uh where you can invest in

private companies

via tokenization.

um they they distributed OpenAI shares

and they distributed SpaceX shares and

you sent the text um you know a little

bit before the episode that Open AI has

come out and said we didn't approve any

of this. So I want to talk about that

because this is part of the moving fast

breaking things. Is this a big problem

that they say they can deliver this and

n

tell me why I've got thoughts on this

and I'd like

Okay. So, so I think before we talk

about what what they're doing, I think

uh let's explain to everyone how this

works. So, in in secondary markets, a

lot of the companies, this was started

by Elon Musk and and then copied by Sam

Alman. Uh they have extraordinarily

strict rules on transfer of private

shares. So they technically have rules

that they do not allow you to sell your

shares to any

Well, that's what we were talking about

earlier with when we were trying to buy

Robin Hood shares. They it literally had

to be signed off by the general counsel

who let it just sit on his desk for, you

know, months

because when we did that transaction,

people would only do transactions in the

right way. Years later, we acquired or I

acquired, I think you guys might have

acquired them as well, I believe. So,

Coinbase shares before they went public.

And the way that that a lot of people

were transacting Coinbase shares because

those were not approved uh to trade

either privately is you you would

actually do uh you would actually do a

forward contract with an employee. So,

you find an employee, you do not

transfer the shares, right? The shares

are not transferred. You get into a

private legal agreement. It costs about

$5,000 of legal. And that employee, you

have to trust them, basically commits

legally to sell you those shares at a

set price uh once the shares are public

and they're capable and legally able to

sell you those shares.

And by the way, most of the preIPO

stocks that I've invested in is via this

method, right? So via the SPV it's it's

an agreement that you get those shares

whenever the employee you know has

access to them then they can transfer

them to you.

Yeah. So so this this happens. So there

are many there are actually many

different creative ways and this is why

you have all these secondary uh market

brokers now that are trading shares

buying and selling shares even though

it is not permitted. It's a gray area.

So the question you have,

so it's a gray area, but I think look,

so this is the way that I think about

it. It I think it's fine as long as it's

disclosed what the what what the status

of those shares are, right? And so if

you're going to tokenize OpenAI shares,

I think it just needs to be disclosed

that these aren't actually shares. These

are a promise to shares via some, you

know, SPV agreement or whatever. And it

it just needs to be disclosed.

Yeah. A and there is there is fin there

is risk here. There's legal risk that

someone like an Elon or Sam Alman

someone can sue Robin Hood for helping

to facilitate

uh an action which is not permitted. I

think the opposite side of that story is

these CEOs are focused on a lot of

things. They don't like this. They might

sue someone, but they have way more

important things than, you know, someone

trading secondary shares. Like the

But who hates it more? Do you think the

CEO hates it more or do you think the VC

firms hate it more?

I don't think anyone likes it, uh, VC or

the CEOs. But, and by the way, a lot of

what's h I'm glad you brought that up,

Jordan, because I talk about this all

the time. What's happening right now in

private in private company finances

financing is that traditionally uh

companies would be relying on the

venture capital network to raise funding

that is breaking down. What's happening

now is individual investors whether it's

high- netw worth family offices uh guys

like us that want to acquire shares of

Andrew or any of these hot companies in

the private market. Um, we are now going

direct to that company through like a

random SPV provider that says, "You know

what? Give me 25 million bucks. Give me

$50 million." I

like our guy that got us into uh um

Figure.

Correct. Uh you know, we went through,

you know, one of those people when we

acquired Figure years ago, we were

actually transacting this way for

Appronic. like like we raised, you know,

I I raised, you know, well over hund00

million uh for Appronic doing something

similar. And so this is the new way to

raise funding. And you do not need to

rely on a VC to be like thumbs up,

thumbs down,

right?

And you don't get bullied by the VC

either. When you got when you can find a

guy that has access to so many

investors, you can get the money without

the same terms without

But but here's the thing, Jordan. It's

no longer about the guy. The guy is a

middleman simply transact because what

you're really doing is okay. So Andrew's

a great a great example of this. So

Andrew was on like 60 minutes, I don't

know, a month ago, five weeks ago. Every

single day almost I get a call from a

random person in my network, a high net

worth person that says, "Chris, I know

you're invested in Andrew. Can you help

me get in?" And I'm like, "Well, I got

in through this person. Let me see if

they're still doing uh a fund raise."

Um, but the thing is, the end investors

are actually seeking those shares. So,

there's all these marketplaces like Hive

and Forge where you could actually place

bids for shares that don't even exist

yet. And that way that way Forge knows

like, hey, if we can get this, we've

already got 50 guys that'll throw in,

you know, 100K a piece or whatever it

is.

Yes. And what's happening is beyond

those big those big like the big brokers

that you see like Hive and Forge, there

are a hundred big SPV guys that are

doing the same thing with their network.

So they're calling their guy saying,

"Hey, I want to buy 5 million of Android

or 10 million Android." And then the

guy's like

or just email. I get emails from these

guys all the time and they just tell me

what the current what what they're

working on.

Yeah. But but then once they get 20 $30

million of demand, they then either call

the company or they will contact

shareholder. They will say, "Hey, I got

this ready to go." And the company's

like, "Dude, there's like a 100 million

of demand right now for our shares.

Let's just do a fundraising round and we

don't have to have a single VC involved

if we don't want to. But by the way,

what happens is once that happens, the

VCs end up backdooring in last to the

transaction. So this is wild. It used to

be that you needed the VC thumbs up

first and then you could backfill with

these random other investment vehicles.

Yeah. No, now the CEO can go to the VC

and say, "These are the terms you want

in or out."

Yeah.

And tokenization almost creates a new a

new era of liquidity for this type of

thing and will, I think, make private

companies rethink the restrictions that

they've put historically on their their

their preip.

They don't have to give up board seats

to VCs and all this stuff. Um, if they

don't want to, I think it's a better

situation.

Well, correct. But the the V what they

they don't like what the CEO does not

like is this are the secondary

transactions that happen after the

primary because they want all of the

demand to then bubble up bubble up

bubble up until they could do another

primary transaction with

yeah the liquidity kind of drains the

you know drains some of the hype. Um,

well, I mean, listen, they would prefer

that once you buy your shares in that

company, you now have to hold those

shares until an exit down the road, like

a an IPO or something, right? Or an

acquisition.

They would love you to only get to buy,

but never get to sell. So, that's what

the CEO's

But technically, you haven't sold,

right? Um, and that's the that's the

weird thing here. You haven't sold your

shares. You've sold rights to your

shares. That's what's getting traded on

these secondary markets. They're rights.

They're not shares.

But Jordan, the problem is it creates

sell pressure, which brings

Hey, I know it's market forces, right?

Yeah. Yeah. I Yeah, but that's why the

CEOs don't love it. Here's the thing. I

actually there is regulatory risk

globally here, right? There's especially

Europe, there's regulatory risk for

Robin Hood, and that's something that

every investor in Robin Hood needs to

understand right now is massive amounts

of regulatory risk. There's also lawsuit

risk coming directly from the companies

that can say, you know what, we're just

going to sue Robin Hood because you're

facilitating this stuff that we have not

approved. So, that's a real risk factor.

But, you know what? I'm willing to take

on that.

Well, I think you have to let the courts

decide, right? And and see how it shakes

out, right?

But there's something else happening

here even with tokenization I want to

talk about because no one's talking

about this, right? This is the next

thing on tokenization. So once once you

start to tokenize all of these assets

globally, the next big thing. Okay. So

guys, do you know how where all the

crypto and all the Bitcoin uh

transaction volume is going right now?

Where like the massive amounts of volume

and is going it it's all going to

perpetual futures, right? these these

basically futures where you can get

three, five, 10x leverage without having

to like pick a specific future and then

trade in and out of it. They're just

always going and going. So, if you just

want to always have 3x or 5x or 10x on

Bitcoin, there's a way to do that with

perpetual futures. Now, the problem is

those perpetual futures are only with

like certain crypto exchanges where most

regular investors don't trade. So, one

of the things that Robin Hood is trying

to do is bring those kind of perpetual

futures to crypto uh on Robin Hood. But

what they're not talking about, because

I'm in conversations uh with another

private company uh that's looking to do

exactly what I'm about to talk about. Uh

basically perpetual futures for equities

to where anyone in the world that wants

to just be levered in Tesla or levered

in Nvidia or levered in Robin Hood and

they just want to have a three, four,

five, 6x leverage, but they don't even

live in America. They might live halfway

around the world. they could actually do

that through perpetual futures that are

based on a crypto uh backbone, okay? A

tokenized backbone, which is what Robin

Hood now has for for for equities. So,

the concept of perpetual futures is

quickly going to come to equities this

next year. Okay? And let me tell you

something about perpetual futures.

I can't even imagine how much money the

company that brings this to the market

is going to make every time you trade a

because these are leverage complex

vehicles in the background. Yeah.

Okay. So, you're going to pay a pretty

penny to be able to trade perpetual

futures in Tesla uh from Saudi Arabia or

from the UK or from Brazil. Okay. And so

there is so much no Vlad knows that he

sees this right. There is so

he sees it he sees it in crypto it the

existing crypto that has perpetual

futures available and Robin Hood just

announced they have up to 3x leverage in

I believe just the EU that they're that

they're bringing per perpetual futures

to existing crypto. But when they when

they turn that on for for US equities,

uh the fee structure for trading a US

equity is there's so much liquidity that

they they barely make any juice on the

uh the spread there, right? The spread

in prop in these derivative products is

huge. It's it's huge. And so, actually,

Meet Kevin did a really good episode, I

think maybe yesterday or a couple days

ago, or maybe it's a few days ago on

right after the Robin Hood event,

basically breaking down everything that

was announced. And and and why it's so

important is because the the the more

illquid an asset class, the more money

is made by the financial institution

that enables that asset class to be

traded. So once you get into stuff like

perpetual futures which we already know

is one of the hottest things in the

entire world. So you know someone said

here hyperlid does this for crypto

that's why Hyperlid's so hot. Once you

once you bring that to market the amount

of juice you make as a financial

institution is massive on the back end.

So, if you think people are getting

excited about Robin Hood simply allowing

the trading of equities, um, wait till

they start to bring these levered

products to the entire world because

that the the reality is I think most

people are wanting to do this with like

10 or 15 stocks as well as US indexes.

So, you'll trade perpetual futures on

indexes and all the big US stocks.

Yeah. And maybe some foreign stocks as

well. Uh, so this is what I'm excited

about. I'm excited about the next

product. I'm excited about them getting

involved in real estate transactions and

that tokenization. Um, there are and the

other five things that Vlad hasn't even

told us about that they'll be announcing

a year from now and two years from now.

So, I just think this is a very special

company. I'm not selling one share. And

and the one thing that is difficult for

me about Robin Hood right now is timing.

It's really difficult for me to assess

like when do I want to be levered in

Robin Hood? When do I not want to be

levered? And so unlike Nvidia where I've

been trading massive amounts of call

options every week for the past seven,

eight weeks, it's been one of my biggest

trades of the year. I'm not at the

moment I'm not trading Hood options. I

just have a massive equity position in

Hood. I'm just gonna let it roll.

Just let it hold.

Yeah, you can let it roll. What I do is

I um you know, like yesterday when it's

super green, when it's up, you know,

however many% it was up 8% yesterday, I

sold a little and then today when it's

red, I bought a little.

The last time, Jordan,

this is not rocket science, Chris. You

just you sell a little and then you buy

a little so much fun.

The last time,

but then you might miss that like 40%

run up. No, but you always have you

always have a position.

You just sell a little on sell a little.

But you did this on Nvidia a couple

episodes and right after you said you

sold because it was up a little bit then

it went up a lot right after.

Yeah. But then it dropped down again and

then I bought a little

fine. I'm not going to do that. Guys, I

have to hop in a few minutes, but I want

to talk about something real quick and

see if people would be interested in

this. So,

uh, Jordan, Dave and I used to get

together before we had Dumb Money Live

in the late 201s and we did a show

called Dumb Money, which is still out

there. We did like 50 episodes. It was

fully edited, three camera pain in the

butt to do.

You're not recommending you do that

again, are you?

No. No, we're not doing that ever again.

Well, we but we would visit with

founders uh when we were doing a ton of

startup investing and and we had these

episodes where we took you through the

entire sequence of how we meet with

founders, how we make decisions on

private early stage investments and we

would always do this over barbecue. So,

we'd meet the founder, we'd take that,

you know, we'd do the interviews and

we'd film it and then we'd have

barbecue. So, we just started this thing

where we did text Friday for the first

time. Well, me and Dave have done it a

couple times, but Jordan joined us. By

the way, I had so many of those uh what?

White peach margaritas.

Dude, I think Jordan might have had like

nine of them. Nine of them. And so

I think I for real had five.

We We probably We probably almost got

kicked out of that restaurant. I think

we were getting dirty looks from like

half the table.

Were Were we? I didn't Were we loud?

We were almost in like our own private

room, but there were several other

tables in there. And I can only imagine

the volume of our table compared to all

the others. We were we were twice as

loud as all the other tables combined,

but we had some awesome investment combo

that was great. And we were like, dude,

we wish we were filming cuz it was like

really off the rocker type stuff. But

but we might we might take we might go

live with one of these if you guys want

us to go live with one of these next

Friday.

Production wise, how are we going to how

how do we mic that? We can't have

cameras in a restaurant.

Just it could just be our We've done it

before, Dave.

What? No, we don't need to do the big C.

Can't we just stick an iPhone and three

mics?

Yeah. Yeah, we can. We could definitely

record to iPhone for audio, but I just

don't know how we're going to live

stream multiple cameras of video from a

restaurant while drinking margaritas.

All right. Well, if we could figure it

out.

We can do an audio for sure.

Text me text Friday. And because we have

so many text places, we could probably

hit up a different one every week for

two years. in in Dallas and never run

out of Techmex.

Um,

yeah,

it was good. Jordan, did you did you get

the uh Wagu fajitas? Is that what you

end up getting?

No, I got Wagyu tacos.

They were good, right?

They were good. Yeah.

Not as good as those margaritas though,

dude. The peach the peach margaritas at

at where

I told Adrian about that by the way and

she was like you

white girls getting peach margaritas.

They're so good though. They're so good.

Uh for the record, I switched to

traditional margaritas after the peach

margarita uh initial.

Oh, not me.

I think I sw I I

We had way too many. Chris Chris drove

us there and then had to uh leave his

car there and we Ubered home.

Oh, I I lifted there and back. I I knew

I knew what was going on.

And then uh we were standing in Chris's

front yard and I think we ended up

talking for another like hour because

like your neighbors kept going by like

you guys are still here.

We were very responsible. I if I have

more than one drink, put me in an Uber

or eventually a robo taxi.

Taxi for sure.

You know what my limit is? Zero. I If I

have one drink, I do not drive.

Yeah, me too. Well, I I will have one

and drive.

Yeah.

One. I will have one drink and drive.

Anything above one, I'm not. Listen,

happy fourth, guys. Again, America, what

a great time to be an investor

in American assets like this. Nvidia,

what a run. I, by the way, I am going to

chill out on Nvidia starting next week.

Uh, I I had at one point, guys,

yesterday, I had 1,600

call options in Nvidia. Uh, I've cashed

out of all,600. I've had between 500 and

1,600 calls every single week for the

past six, seven, eight weeks on Nvidia

and I am chilling out now. I I've rolled

those calls. I only have 400 for next

week and I might downsize that on Monday

because you can't go from like 1,600 to

nothing. You have to you have to like

otherwise you start getting anxiety that

you don't have enough. Right. So yeah,

I'm down to four. I just rolled them. I

only have 400 for next week. And thank

you, Jensen. Jensen, you have made my

month. You have made my year. I still

have a lot to talk about when it comes

to Nvidia. We should probably do another

Nvidia episode soon.

But guys, I don't want to think too much

about stocks this weekend. Uh, have a

great fourth, guys. Any everyone that's

been watching, I I think everyone needs

to enjoy what has happened the last

couple months in the market. Like, stop

stressing out about the next money you

want to make. I bet you almost everybody

watching has had a damn good last couple

months, right? Sometimes you just got to

like enjoy it and just chill out and

just not think about it. It was it was

hard not to make money this past month

or so.

Yeah, it's very hard not to. I feel bad

for you if if you're not if you're not

crushing it right now.

Anyway, happy fourth, guys.

Happy fourth, everyone. We'll see you

next week.

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