Public recently announced a massive new funding, and along with it, a commitment to drop payment for order flow. This is a bold decision and sets Public apart from Robinhood and most other brokers, who generate significant revenue from payment for order flow. Instead, Public will rely on tips from its customers to generate some of its revenue….
Robinhood: Elon Musk, bad incentives, and the solve (and ok, let’s throw in blockchain)
Ok, Elon Musk was right Robinhood has always had to thread the needle between a populous mission to upend the establishment ($0 trades for everyone!) and running a real business (enough revenue and growth to successfully take the company public). So what’s the answer? Unfortunately, it’s what Elon Musk was alluding to on Sunday night…
In Times of Froth, Choose Your Venture Investors Wisely
History doesn’t repeat itself, but it certainly rhymes—or so the saying goes. For entrepreneurs, I believe 2021 and the years to come will rhyme with 2007. Froth Rhymes In 2007, I worked in leveraged finance at a top Wall Street investment bank. When I started my job, it was so busy that I could barely…