(Goodbye Robinhood?) It’s Time to Diversify your Bonds…I Mean Brokers

“I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”
-Maya Angelou

Almost two weeks ago from today, Robinhood left me and a lot of their users with a feeling of betrayal. You felt like your best friend just left you with a dagger in your back. Robinhood who was supposed to stand for the people and with the people by democratizing finance and bringing it to the masses with it’s no fee structure stopped the people’s movement against the “evil” hedge funds by halting trading on multiple stocks (such as GME or AMC). The short squeeze died over the next two weeks and the movement was halted.

People were furious. Many of my neighbors, family, friends, & co-workers put some money into GME to help the movement (heck Chamath, CEO of Social Capital threw some money at it during the run). Everyone was watching and talking about it (look at the tens of thousands of comments on the WallStreetBets Reddit where people mention pouring $16k into it). Even the grocery store clerk told me he hopes Vlad the Stock Impaler (or whoever is found responsible) needs to go to jail. After listening to the various Robinhood press rounds and seeing it was probably an honest mistake for a small company growing too fast and not managing risk…