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Robinhood, on the other hand, gives people control... maybe too much control. And so far, people are loving it. Robinhood has added 3 million accounts since the beginning of COVID, and those accounts are trading frequently.

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.

Taking a product or service that people have had to pay for and making it free is perhaps the most powerful way to democratize access to it. Robinhood democratizes access to investing by offering a commission-free platform.

the problem was: there isn’t an easy way for a relatively savvy investor to get the type of market-beating risk-adjusted returns that hedge funds and their clients have access to.

When “stocks only go up”, people realize the stock market is a casino with much better payouts. Gamified trading has tethered us to our phones and bank accounts.