➔ Ranjan Roy on investing in a scathing piece about robot-investment firm, Robinhood:
It's mainly because, over the years, I've learned that a general rule is anytime anyone tells you about an investment, you shouldn't listen. They're most likely telling you a quarter of the full story, or they're trying to sell you some investment newsletter, or maybe some newfangled financial product, or just getting in a good old-fashion dick-swinging competition, but in investing, more than probably any other area of life, assume everyone is at least partially lying.
He harkens back to his days trading in 2009, but the principles of profit-making motives still apply today. It’s astounding how much money Robinhood makes on every dollar in a consumer’s account. And, of course, astounding how yet again a start-up sought to disrupt an industry without considering the consequences (intentional or not) through hyper-growth aims.