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This was such a good investment by Mickey and the Ribbit team: in 2013 Mickey told me that the history of retail brokerages points to fee revenue going to zero.

That the team went out and built a company for that reality is just stellar, and it’s fun to see insights like that turned into something real. Congratulations.

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I'm still not completely convinced that a zero commission brokerage can be run profitably, although mad props to the team for executing.

People often focus on the HFT payments for order flow, but another important leg of the stool (along with stock lending, and the premium tier/margin lending) is the interest rate differential.

If rates were going to 5%, that'd be one thing, but with rates at 2-2.5 and a couple of cuts being priced in, that's going to decrease profits there.

Also it's kind of hard to launch a 3% cash management account when the ten year is yielding 2.3%.

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