I'm sharing my full slide deck this weekend looking at the 25 year revolution in trading and investing I've seen during my career so far. We look at the difference between Millennials and Gen Z, direct indexing and custom indexing, how commission-free trading changed the industry, the explosion in crypto and options and a lot more. Hope you like it, talk soon! https://lnkd.in/eYamDznN
Joshua Brown love your material and this article is no different. You go the extra mile uncovering every stone and no only rationale behind the moves but prognosticating potentially what's to come. Been a big fan of you and Joe Terranova since the early Fast Money days. My son played against Joe's team many times over the years. You guys have mentored and educated the masses for many moons now. Let me know if there are any charity events you may be attending on Long Island this summer, would love to connect in person. Here's to getting a chance to meet up soon! 🤜🏼🤛🏼
Jens Nordvig
3w
Your speech at the Nasdaq Exec Forum was just great (thanks for sharing
Ana Lucas
3w
This take on Gen Z is brilliant: "they see trading and investing as a social activity. They want to show their friends what they’re doing and share their strategies with their peers around the world. This makes perfect sense when you think about it. This is the generation that grew up sharing their location, pictures of their food and videos of themselves dancing." This article is you at your best 😎👌
John Blair
3w
Platinum content. It's obvious that Gen Z is Gen X in terms of risk appetite and love of markets. This line is HOF worthy, "They see markets like a video game that can be beaten, or a puzzle that can be solved." Here's an anecdote you might find interesting. Scouting requires the "Personal Management" merit badge for an Eagle Scout. It's essentially a personal finance badge. My son is in Scouts, so I had the opportunity to talk with a Personal Management Merit Badge Counselor who's been doing this badge for over 20 years. There's a section where the kids have to explain compounding, risk, diversification, etc. He said it's been interesting to see how much that's changed. That used to be the part of the badge requirements where kids would mumble and struggle. But, in the past few years, he's seen a marked change. Kids are a lot more enthusiastic and some are already trading stocks/crypto. The Gen Z Scouts enjoy this part of the merit badge and most breeze through it. That lines up exactly with your thesis: Gen Z is fully marketized.
Jason Hsu
3w
Studies on increased household participation directly in the stock market are very mixed on the long-term results for participants. They simply trade too much and erode much of the beta return (meaning they have very negative alpha). Against cash, they might have done better. But against using an advisor, say like Ritholtz, to help them invest rationally, they are much worse off DIY. Thus the benefit of increased stock market direct participation is either very positive or negative depending on the assumed opportunity cost benchmark.
It’s all fun and games until someone loses an eye.
stephen sax
3w
In my opinion, the problem with these online platforms is that many novice retail investors, trade without knowledge of how the markets work and unfortunately many lose money. However these online platforms have significantlly increased the volume benefiting professional traders and market makers and Exchanges
Love this slide. Aside from the old brands, Apex Fintech Solutions helped each of these firms launch and scale.
Great slide. What do you think will be the next big thing? Maybe an AI that delivers high-quality unconflicted research to all?
Investment Product Manager, Advisory Board Member and Consultant covering both Alternative Investments (Private Markets) and Public Markets inc. Managed Account Solutions across the wealth management spectrum.
3wInteresting well done in many aspects inc directionally correct (on the whole slide deck) yet with some nuances lost along the way. There are pieces both revolutionary and evolutionary being left out concerning FinTech, Managed Account Solutions ie SMAs, it’s not just all about AI TAMPs but the new structures and solutions that power them and are placed within them that have led to digitalization and etc., the influence and drive of PE /PC within the space pushing forward efficiencies in many cases successfully and sometimes to the industry’s detriment. Too much emphasis on so-called Robo solutions and not enough on ETPs ie ETFs esp for core holdings that has pushed innovation into direct indexing and customized SMAs or to other sources of alpha and leave beta to the ETFs (mostly). Again good work but love to see a deeper diver and a wider one!