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I don't see anything magical about Robinhood: Weiss on Robinhood app - YouTube
Channel: CNBC Television
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THE MARKETS GENERALLY THE PUBLIC
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MARKETS ARE REWARDING THE
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PRIVATE COMPANIES WITH RICH
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MULTIPLES.
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>> JIM CRAMER, AS WE WATCH THE
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STOCK TRADE BELOW 37, YOU KNOW,
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I'M WONDERING TOO ABOUT THE BACK
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LASH THAT MAY EXIST AGAIN
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AGAINST THE COMPANY AS YOU HEAR
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SOME OF THE HATE VITRIOL FROM
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MEMBERS.
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JOSH BROWN OR STEVE WEISS HATING
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ON ROBINHOOD ON WHAT IS A
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MOMENTOUS OCCASION FOREIGN THE
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COMPANY
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>> I'M NOT HATING ON IT AT ALL
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>> NO, YOU JUST DOGGED THE
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COMPANY TOTALLY OUT, STEVE
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I WANT TO HEAR FROM CRANIUME
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>> THIS IS FACTUAL
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I'M GIVING YOU THE FACTS
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EVERYTHING I SAID WAS A FACT NOT
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EMOTIONAL
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>> YOU CALLED -- YOU SAID
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THERAPY NOT AT DISRUPTER, I
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MEAN, COME ON
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>> THEY'RE NOT A DISRUPTER
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WHAT ARE THEY DISRUPTING
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>> I --
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>> I MET THEM SIX YEARS AGO,
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SEVEN YEARS AGO WHEN I WAS OUT
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DOING TOURS OUT WEST AND THEY
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HAD ABOUT 500,000 CLIENTS.
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AND VLAD TENEV SAID I'M ON GOING
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TO DISRUPT THE INDUSTRY.
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PEOPLE ARE GOING TO WANT TO GET
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INVOLVED
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ONE DAY I MIGHT HAVE 12 MILLION
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PEOPLE
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AND THAT'S GOING TO UP END
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EVERYTHING
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I WAS LIKE WHAT IS HE TALKING.
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LONG HAIRED GUY STANFORD THIS
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STANFORD THAT
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>> THEY'RE NOT HIS CLIENTS
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THEY'RE NOT HIS CLIENTS.
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22 MILLION -- 22 MILLION USE
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IRIS ARE THE PRODUCT NOT HIS
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CLIENTS.
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>> THAT'S FAIR
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YOU'RE ABSOLUTELY RIGHT.
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IT'S THE APP
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BUT I MEANT THAT IN TERMS OF HE
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HAD A VISION AND YOU GOT TO HAND
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IT TO HIM.
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I THOUGHT HE WAS CRAZY THAT THE
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APP COULD BE THAT GOOD
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BUT IT IS -- JOSH IT'S A SIVRP
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FIED APP MAYBE EVERYBODY ELSE --
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I THOUGHT THE PAYPAL COULD KILL
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HIM
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>> JIM HAVE YOU TRADED ON THE
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APP
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>> JIM HAVE YOU TRADED ON THE
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APP?
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>> MY -- MY STEPSON DOES
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I CAN'T SEE WHAT HE DOES BECAUSE
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OF MY RELATIONSHIP
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>> I TRADED ON IT.
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JIM I TRADED ON THE APP
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>> I'M NOT ALLOWED TO TRADE.
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IT'S NOT LIKE I CAN TRADE.
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I CAN'T TRADE.
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I DON'T HAVE A BROKER.
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>> I'M TELLING YOU I'LL TELL YOU
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MY EXPERIENCE WITH IT, OKAY
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>> YEAH
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>> I WENT TO BUY BITCOIN ON
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THERE BECAUSE NO COMMISSIONS FOR
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BUYING BITCOIN
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PAYPAL LIKE 5% ALL THE OTHERS
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THE SAME
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I WIRED MONEY.
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OKAY
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I WIRED MONEY CALL IT WEDNESDAY.
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MORNING.
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THE WIRE DIDN'T GET THERE
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ALLEGEDLY UNTIL A WEEK LATER
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ANY OTHER CONSTITUTION YOU WIRE
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TO IT'S EITHER THAT DAY IF YOU
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GET THE EARLY WINDOW OR
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DEFINITELY NEXT DAY.
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I PUT AN ORDER IN FOR BITCOIN.
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IT GOT EXECUTED A WEEK LATER
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>> WOW
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>> GREAT THAT IT DID BOTTAS I
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BOUGHT A LOWER PRICE
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>> TERRIBLE
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>> I DON'T SEE ANYTHING MAGICAL
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ABOUT THIS IT'S NOT A BETTER APP
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THAN ANY OTHER FINANCIAL APP OUT
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ARTHRO
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>> THERE ARE CONTROLS.
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I THINK WE ALL KNOW THEY'VE HAD
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PROBLEMS THEY HAVE TO GROW INTO
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THAT
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LOOK I'M NOT GOING TO DEFEND A
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LOT OF THE THINGS.
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THERE IS A CONTROVERSIES PAGE IN
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THE ATLANTIC EQUITIES PIECE
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THAT'S JUST -- IT'S DEVASTATING
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IF YOU READ IT YOU WOULD NEVER
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OWN THE STOCK.
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JUDGE, I GUESS WHAT I'M SAYING
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IS THAT HE -- WE MAY NOT THINK
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THE APP DISRUPTED THINGS
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BUT THERE ARE A LOT OF PEOPLE IN
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THIS INDUSTRY WHO WISH THEY HAD
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THE 22 MILLION
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>> FOR SURE.
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WHAT ABOUT THE ISSUE, JIM OF THE
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PAYMENT -- SINCE WE'RE TALKING
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ABOUT RISKS, THE PAYMENT OH FOR
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ORDER FLOW
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DO YOU THINK IT'S A LEGITIMATE
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ILY REAL RISK THAT GARY GENSLER
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COULD DECIDE ONE DAY THAT THIS
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IS NOT A GOOD PRACTICE AND HE
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WILL DO HIS BEST TO CURB IT?
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AND WHEN YOU'RE A COMPANY
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GETTING 80% OF REVENUES FROM
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THAT PAYMENT FOR ORDER FLOW THEN
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IT BECOMES A REAL ISSUE
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>> PERHAPS YOU SHOULD.
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PERHAPS YOU SHOULDN'T BUT THE
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S.E.C. MANDATE IS TO SHINE THE
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LIGHT.
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SUNLIGHT IS THE GREATEST
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DISINFECTIONANT DATABASE AS LONG
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AS THERE IS DISCLOSURE
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THE S.E.C. IS HAPPY WITH THE
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PRACTICES.
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I THINK HE MAY DEMAND MORE
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DISCLOSURE OR MORE THOROUGH
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DISCLOSURE
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BUT I DON'T KNOW -- GARY IS A
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REALLY SMART GUY
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WE ALL WANT BEST PRICE
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BUT HE SAYS HE MAY OR MAY NOT
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HAVE BEST PRICE NOT GETTING THE
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BEST PRICE IF YOU BOUGHT
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ROBINHOOD AT 38.
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JUST SAYING
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>> I DON'T THINK THE RISK IS
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LOSING PAYMENT FOR ORDER FLOW.
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I THINK THE RISK HERE IS THAT
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THE MARKETS AREN'T AS EXCITING
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GOING FORWARD.
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AND USAGE DROPS OFF.
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PAYMENT FOR ORDER FLOW HAS BEEN
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AROUND 200 YEARS
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YOU CALLED IT DIFFERENT NAMES.
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BUT THERE IS ALWAYS AN ELEMENT
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OF MARKET MAKERS
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BUT THE -- WEISS MAKES THE BEST
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POINT.
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WEISS SAYS THIS IS NOT REALLY A
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DISRUPTER.
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AND I THINK THAT'S TRUE BECAUSE
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IF YOU THINK ABOUT WHAT WERE
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BROKE WRAJ COMMISSIONS TWO YEARS
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AGO?
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YOU COULD TRADE ON SCHWAB WHERE
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FIDELITY, ANY PLATFORM, E-TRADE
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FOR $49.95
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THE IDEA THAT GOING TO ZERO IS
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SOME INNOVATIVE THING, IT
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REMINDS ME OF SOMETHING ABOUT
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MARY WHERE THE GUY SAID YOU EVER
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HEARD OF 8-MINUTE ABS HERE IS MY
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BUSINESS IDEA.
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7-MINUTE ABS
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IT'S AN EVOLUTION.
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CHUCK SCHWAB WROTE A BOOK IN
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1990 PREDICTING $0 COMMISSIONS
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HE DIDN'T KNOW IT WOULD BEY HEDG
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