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The 2008 financial crisis wasn’t exactly responsible for what was going on, but it had played a role. Investment banks like Goldman Sachs and Morgan Stanley that had once taken the most interesting trading risks had become clunkier and more heavily regulated. They were being shoved into the boring Wall Street role once played by the big commercial
... See moreMichael Lewis • Going Infinite: The Rise and Fall of a New Tycoon
Before he could do any of this, he needed to get rid of CZ. CZ still owned the stake in FTX that he had bought in late 2019 for $80 million. Relations between Binance and FTX had since deteriorated into simmering resentment. Binance was the class bully, FTX the class nerd,…
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Michael Lewis • Going Infinite: The Rise and Fall of a New Tycoon
Robinhood has also dipped their toes into the subscription business with their Robinhood “Gold” offering. The main selling point of Robinhood Gold is the ability to invest on margin. In addition to that they provide access to “professional research”, Level II market data, instant transfers “up to your portfolio value” for $5.00/month. This does not... See more
John Street Capital • The (Neo) Bank Bundle & Transition to Subscription Revenue
New technologies and business models have made investing accessible. Anyone with a smartphone, for instance, can use Robinhood. Robinhood also popularized zero-fee trading, which forced the hands of brokerages like E*Trade and Charles Schwab. Commission-free trading is now the norm.