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 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 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.

>> 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. 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 get 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 on Robin Hood.

>> 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?

>> 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. 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

>> Well, I just I just think it's too late.

I just think they've already, you know,

they've already missed that customer. Do

you know what I think is the biggest

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 get

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

>> conversation happening within the walls

of Charles Schwab or Goldman Sachs or

you know who 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

it would even still be a product in 6

months. The fact that this company is

willing to take a risk on something as

stupid as that, 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. 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