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2021-08-04

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Robinhood Q2 Revenues From Order Flow Tumble 34%<blockquote>Robinhood 第二季度订单流收入下降 34%</blockquote>

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While the data covers payment for orderflow (PFOF), this remains the biggest component of the recently IPOed company's top-line (dogecoin revenues notwithstanding), so it serves as a good proxy for what to expect when the company publishes its first earnings release as a public company.<blockquote>昨天，Robinhood 发布了 4 月至 6 月的 606 和 607 表格披露，公布了第二季度的初步收入数据。虽然这些数据涵盖了订单流支付 (PFOF)，但这仍然是这家最近 IPOed 公司营收的最大组成部分（尽管有狗狗币收入），因此它可以很好地代表该公司发布其首次上市公司财报时的预期。</blockquote> The numbers were quite disappointing, and a stark reminder of just how fickle retail trading can be.<blockquote>这些数字相当令人失望，也鲜明地提醒人们零售交易是多么的变化无常。</blockquote> After a blistering Q1 which saw a record surge in retail trading, and which translated into record payment for orderflow to Robinhood to the tune of $331 million, the bulk of which was for option orderflow at $198 million and was paid by Citadel which accounted for roughly 43% ($142 million) of Robinhood's total Q1 revenues, things slowed down substantially in Q2.<blockquote>在经历了第一季度的激增之后，零售交易创纪录地激增，这转化为 Robinhood 的 orderflow 支付创纪录的 3.31 亿美元，其中大部分是期权订单流，为 1.98 亿美元，由 Citadel 支付，约占 Robinhood 第一季度总收入的 43%（1.42 亿美元），第二季度的情况大幅放缓。</blockquote> As the chart below shows, the retail trading frenzy ended with a bang in April when Robinhood's payment for orderflow was just $65.9 million, and then dropped further in May, sliding to just $57.4 million - the lowest since October. The good news: there was a modest rebound in June when as we discussed previously, retail investors shifted their gamma-ramping attention to tech giants such as Amazon and Apple, resulting in PFOF revenue of $93.6 million.<blockquote>如下图所示，零售交易狂潮在 4 月份戛然而止，当时 Robinhood 为 orderflow 支付的款项仅为 6590 万美元，随后在 5 月份进一步下降，跌至 5740 万美元，为 10 月份以来的最低水平。好消息是：正如我们之前讨论的那样，6 月份出现了温和的反弹，散户投资者将他们的伽马提升注意力转向了亚马逊和苹果等科技巨头，导致 PFOF 收入达到 9360 万美元。</blockquote> <img src=\"https://static.tigerbbs.com/10c58d48d38d33f480f1807b8af05c7f\" tg-width=\"1280\" tg-height=\"740\" width=\"100%\" height=\"auto\"><blockquote></blockquote> What we also found notable is that Robinhood's revenue from orderflow from S&amp;P and non S&amp;P500 stocks was down 25% Y/Y, with the only value that Robinhood providers to internalizers such as Citadel is selling it option traffic which rose 48% from $111.1 million a year ago to $164.8 million in Q2 2021. How soon until some dedicated option market-maker decides to steal Robinhood's market share and aggressively starts dumping option traffic data to the Citadels of the world;alternatively what happens when the \"gamma\" trade is no longer a moneymaking cash cow, and retail traders get fed up with selling weekly calls and puts when their premiums gets wiped out after a major market shakeout?<blockquote>我们还发现值得注意的是，Robinhood 来自标准普尔和非标准普尔 500 股票订单流的收入同比下降 25%，Robinhood 向 Citadel 等内部化者提供的唯一价值是出售 it 期权流量，该流量从一年前的 1.111 亿美元增长了 48%。 2021 年第二季度的 1.648 亿美元。直到一些专门的期权做市商决定窃取Robinhood的市场份额，并开始积极地将期权流量数据倾销到世界的堡垒；或者，当“伽马”交易不再是赚钱的摇钱树，而散户交易员厌倦了出售每周评级和看跌期权，而他们的溢价在市场大动荡后被抹去，会发生什么？</blockquote> Question aside, the fade of retail trading mania in Q2 was especially acute on a quarterly basis, as PFOF revenue tumbled 34.4% sequentially and were up just 20.4% from the year ago quarter when retail trading mania was still in its infancy.<blockquote>抛开疑问不谈，第二季度零售交易热潮的消退在季度上尤为严重，PFOF 收入环比下降 34.4%，仅比去年同期零售交易热潮仍处于起步阶段的季度增长 20.4%。</blockquote> <img src=\"https://static.tigerbbs.com/a3840be05d08dbdf2a87fbb6c97b568d\" tg-width=\"1280\" tg-height=\"740\" width=\"100%\" height=\"auto\"><blockquote></blockquote> And yes, for those wondering, Citadel still remains Robinhood's top customer, accounting for $81.6 million, or 27.6% of the company's total Q2 PFOF. That said, clearly Citadel's contribution to Robinhood's top line is declining and in June it accounted for just 35.3% of total PFOF, the lowest on record.<blockquote>是的，对于那些想知道的人来说，Citadel 仍然是 Robinhood 的最大客户，占 8160 万美元，占该公司第二季度 PFOF 总额的 27.6%。也就是说，显然 Citadel 对 Robinhood 营收的贡献正在下降，6 月份它仅占 PFOF 总额的 35.3%，为有记录以来的最低水平。</blockquote> <img src=\"https://static.tigerbbs.com/933a087b330c1a69de4b21ec2680829a\" tg-width=\"1280\" tg-height=\"762\" width=\"100%\" height=\"auto\"><blockquote></blockquote> To be sure, it wasn't just Robinhood: as the following chart from Bloomberg shows all brokers saw a substantial drop in PFOF revenue in Q2, amounting to roughly 27% across the major players, but nobody suffered as much as Robinhood.<blockquote>可以肯定的是，不仅仅是 Robinhood：彭博社的以下图表显示，所有经纪商在第二季度的 PFOF 收入均大幅下降，主要经纪商的收入下降了约 27%，但没有一家经纪商受到的影响像 Robinhood 那样大。</blockquote> <img src=\"https://static.tigerbbs.com/004b806dad72a61d0c8d6f9f633b1e0a\" tg-width=\"902\" tg-height=\"501\" width=\"100%\" height=\"auto\"><blockquote></blockquote> Which prompts several questions: is Citadel - whose historically generous payments for RH orderflow is what enabled the company's multi-billion valuation - gradually shifting away from its top supplier of bulk retail trading data, and if so, how will Robinhood replace the lost revenue? And perhaps more importantly: with retail trading patterns clearly reflecting inflows of stimulus payments, peaking just after bulk \"stimmy\" checks clear, i.e., in June 2020, and in Q1 2021, is a long Robinhood thesis just a bet on continued stimulus checks from the generous Biden administration? And linked to that, what happens to Robinhood's bread and butter - retail option trades - when retail traders no longer expect free money from the government?<blockquote>这引发了几个问题：Citadel - 其历史上对 RH orderflow 的慷慨付款是该公司数十亿美元估值的原因 - 是否正在逐渐摆脱其大宗零售交易数据的顶级供应商，如果是这样，Robinhood 将如何弥补损失的收入？也许更重要的是：随着零售交易模式清楚地反映了刺激支付的流入，在大量“刺激”支票清算后达到顶峰，即在2020年6月和2021年第一季度，长长的罗宾汉论点是否只是对慷慨的拜登政府继续刺激支票的押注？与此相关的是，当零售交易者不再期望从政府获得免费资金时，Robinhood 的面包和黄油——零售期权交易——会发生什么？</blockquote> An amusing aside is whether Robinhood will pocket revenues from selling the client order data to Citadelfrom retail traders who are currently ramping Robinhood's own stockin an attempted gamma squeeze. In other words, has Robinhood created a perpetual motion device where it generates revenue whenit itselfbecomes the target of outsized client trades, as the case clearly is today?<blockquote>有趣的是，Robinhood 是否会通过向 Citadel 出售客户订单数据来获得收入来自目前正在增持 Robinhood 自己股票的散户交易员在一次尝试的伽马挤压中。换句话说，Robinhood 是否创造了一种永动装置，并在以下情况下产生收入它本身成为大规模客户交易的目标，就像今天的情况一样？</blockquote> <img src=\"https://static.tigerbbs.com/7c5a9a67a1d7544c7665f81cd570cd2e\" tg-width=\"1106\" tg-height=\"723\" width=\"100%\" height=\"auto\">Alternatively, one can argue that the simplest trade to bet on an end of generous fiscal stimulus is not shorting the market or betting on an economic slowdown, as these also benefit from the Fed's generous monetary stimulus, but rather just shorting Robinhood stock - once it is permitted - and waiting.<blockquote>或者，人们可以说，押注慷慨财政刺激结束的最简单交易不是做空市场或押注经济放缓，因为这些也受益于美联储慷慨的货币刺激，而只是做空Robinhood股票——一旦被允许——然后等待。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Robinhood Q2 Revenues From Order Flow Tumble 34%<blockquote>Robinhood 第二季度订单流收入下降 34%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRobinhood Q2 Revenues From Order Flow Tumble 34%<blockquote>Robinhood 第二季度订单流收入下降 34%</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-08-04 15:46\n\n</h4>\n</header>\n<article>\nYesterday Robinhood released its preliminary revenue numbers for Q2 when it published itsForm 606 and 607 disclosurefor April through June. While the data covers payment for orderflow (PFOF), this remains the biggest component of the recently IPOed company's top-line (dogecoin revenues notwithstanding), so it serves as a good proxy for what to expect when the company publishes its first earnings release as a public company.<blockquote>昨天，Robinhood 发布了 4 月至 6 月的 606 和 607 表格披露，公布了第二季度的初步收入数据。虽然这些数据涵盖了订单流支付 (PFOF)，但这仍然是这家最近 IPOed 公司营收的最大组成部分（尽管有狗狗币收入），因此它可以很好地代表该公司发布其首次上市公司财报时的预期。</blockquote> The numbers were quite disappointing, and a stark reminder of just how fickle retail trading can be.<blockquote>这些数字相当令人失望，也鲜明地提醒人们零售交易是多么的变化无常。</blockquote> After a blistering Q1 which saw a record surge in retail trading, and which translated into record payment for orderflow to Robinhood to the tune of $331 million, the bulk of which was for option orderflow at $198 million and was paid by Citadel which accounted for roughly 43% ($142 million) of Robinhood's total Q1 revenues, things slowed down substantially in Q2.<blockquote>在经历了第一季度的激增之后，零售交易创纪录地激增，这转化为 Robinhood 的 orderflow 支付创纪录的 3.31 亿美元，其中大部分是期权订单流，为 1.98 亿美元，由 Citadel 支付，约占 Robinhood 第一季度总收入的 43%（1.42 亿美元），第二季度的情况大幅放缓。</blockquote> As the chart below shows, the retail trading frenzy ended with a bang in April when Robinhood's payment for orderflow was just $65.9 million, and then dropped further in May, sliding to just $57.4 million - the lowest since October. The good news: there was a modest rebound in June when as we discussed previously, retail investors shifted their gamma-ramping attention to tech giants such as Amazon and Apple, resulting in PFOF revenue of $93.6 million.<blockquote>如下图所示，零售交易狂潮在 4 月份戛然而止，当时 Robinhood 为 orderflow 支付的款项仅为 6590 万美元，随后在 5 月份进一步下降，跌至 5740 万美元，为 10 月份以来的最低水平。好消息是：正如我们之前讨论的那样，6 月份出现了温和的反弹，散户投资者将他们的伽马提升注意力转向了亚马逊和苹果等科技巨头，导致 PFOF 收入达到 9360 万美元。</blockquote> <img src=\"https://static.tigerbbs.com/10c58d48d38d33f480f1807b8af05c7f\" tg-width=\"1280\" tg-height=\"740\" width=\"100%\" height=\"auto\"><blockquote></blockquote> What we also found notable is that Robinhood's revenue from orderflow from S&amp;P and non S&amp;P500 stocks was down 25% Y/Y, with the only value that Robinhood providers to internalizers such as Citadel is selling it option traffic which rose 48% from $111.1 million a year ago to $164.8 million in Q2 2021. How soon until some dedicated option market-maker decides to steal Robinhood's market share and aggressively starts dumping option traffic data to the Citadels of the world;alternatively what happens when the \"gamma\" trade is no longer a moneymaking cash cow, and retail traders get fed up with selling weekly calls and puts when their premiums gets wiped out after a major market shakeout?<blockquote>我们还发现值得注意的是，Robinhood 来自标准普尔和非标准普尔 500 股票订单流的收入同比下降 25%，Robinhood 向 Citadel 等内部化者提供的唯一价值是出售 it 期权流量，该流量从一年前的 1.111 亿美元增长了 48%。 2021 年第二季度的 1.648 亿美元。直到一些专门的期权做市商决定窃取Robinhood的市场份额，并开始积极地将期权流量数据倾销到世界的堡垒；或者，当“伽马”交易不再是赚钱的摇钱树，而散户交易员厌倦了出售每周评级和看跌期权，而他们的溢价在市场大动荡后被抹去，会发生什么？</blockquote> Question aside, the fade of retail trading mania in Q2 was especially acute on a quarterly basis, as PFOF revenue tumbled 34.4% sequentially and were up just 20.4% from the year ago quarter when retail trading mania was still in its infancy.<blockquote>抛开疑问不谈，第二季度零售交易热潮的消退在季度上尤为严重，PFOF 收入环比下降 34.4%，仅比去年同期零售交易热潮仍处于起步阶段的季度增长 20.4%。</blockquote> <img src=\"https://static.tigerbbs.com/a3840be05d08dbdf2a87fbb6c97b568d\" tg-width=\"1280\" tg-height=\"740\" width=\"100%\" height=\"auto\"><blockquote></blockquote> And yes, for those wondering, Citadel still remains Robinhood's top customer, accounting for $81.6 million, or 27.6% of the company's total Q2 PFOF. That said, clearly Citadel's contribution to Robinhood's top line is declining and in June it accounted for just 35.3% of total PFOF, the lowest on record.<blockquote>是的，对于那些想知道的人来说，Citadel 仍然是 Robinhood 的最大客户，占 8160 万美元，占该公司第二季度 PFOF 总额的 27.6%。也就是说，显然 Citadel 对 Robinhood 营收的贡献正在下降，6 月份它仅占 PFOF 总额的 35.3%，为有记录以来的最低水平。</blockquote> <img src=\"https://static.tigerbbs.com/933a087b330c1a69de4b21ec2680829a\" tg-width=\"1280\" tg-height=\"762\" width=\"100%\" height=\"auto\"><blockquote></blockquote> To be sure, it wasn't just Robinhood: as the following chart from Bloomberg shows all brokers saw a substantial drop in PFOF revenue in Q2, amounting to roughly 27% across the major players, but nobody suffered as much as Robinhood.<blockquote>可以肯定的是，不仅仅是 Robinhood：彭博社的以下图表显示，所有经纪商在第二季度的 PFOF 收入均大幅下降，主要经纪商的收入下降了约 27%，但没有一家经纪商受到的影响像 Robinhood 那样大。</blockquote> <img src=\"https://static.tigerbbs.com/004b806dad72a61d0c8d6f9f633b1e0a\" tg-width=\"902\" tg-height=\"501\" width=\"100%\" height=\"auto\"><blockquote></blockquote> Which prompts several questions: is Citadel - whose historically generous payments for RH orderflow is what enabled the company's multi-billion valuation - gradually shifting away from its top supplier of bulk retail trading data, and if so, how will Robinhood replace the lost revenue? And perhaps more importantly: with retail trading patterns clearly reflecting inflows of stimulus payments, peaking just after bulk \"stimmy\" checks clear, i.e., in June 2020, and in Q1 2021, is a long Robinhood thesis just a bet on continued stimulus checks from the generous Biden administration? And linked to that, what happens to Robinhood's bread and butter - retail option trades - when retail traders no longer expect free money from the government?<blockquote>这引发了几个问题：Citadel - 其历史上对 RH orderflow 的慷慨付款是该公司数十亿美元估值的原因 - 是否正在逐渐摆脱其大宗零售交易数据的顶级供应商，如果是这样，Robinhood 将如何弥补损失的收入？也许更重要的是：随着零售交易模式清楚地反映了刺激支付的流入，在大量“刺激”支票清算后达到顶峰，即在2020年6月和2021年第一季度，长长的罗宾汉论点是否只是对慷慨的拜登政府继续刺激支票的押注？与此相关的是，当零售交易者不再期望从政府获得免费资金时，Robinhood 的面包和黄油——零售期权交易——会发生什么？</blockquote> An amusing aside is whether Robinhood will pocket revenues from selling the client order data to Citadelfrom retail traders who are currently ramping Robinhood's own stockin an attempted gamma squeeze. In other words, has Robinhood created a perpetual motion device where it generates revenue whenit itselfbecomes the target of outsized client trades, as the case clearly is today?<blockquote>有趣的是，Robinhood 是否会通过向 Citadel 出售客户订单数据来获得收入来自目前正在增持 Robinhood 自己股票的散户交易员在一次尝试的伽马挤压中。换句话说，Robinhood 是否创造了一种永动装置，并在以下情况下产生收入它本身成为大规模客户交易的目标，就像今天的情况一样？</blockquote> <img src=\"https://static.tigerbbs.com/7c5a9a67a1d7544c7665f81cd570cd2e\" tg-width=\"1106\" tg-height=\"723\" width=\"100%\" height=\"auto\">Alternatively, one can argue that the simplest trade to bet on an end of generous fiscal stimulus is not shorting the market or betting on an economic slowdown, as these also benefit from the Fed's generous monetary stimulus, but rather just shorting Robinhood stock - once it is permitted - and waiting.<blockquote>或者，人们可以说，押注慷慨财政刺激结束的最简单交易不是做空市场或押注经济放缓，因为这些也受益于美联储慷慨的货币刺激，而只是做空Robinhood股票——一旦被允许——然后等待。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/robinhood-q2-revenues-order-flow-tumble-34\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HOOD":"Robinhood"},"source_url":"https://www.zerohedge.com/markets/robinhood-q2-revenues-order-flow-tumble-34","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173852688","content_text":"Yesterday Robinhood released its preliminary revenue numbers for Q2 when it published itsForm 606 and 607 disclosurefor April through June. While the data covers payment for orderflow (PFOF), this remains the biggest component of the recently IPOed company's top-line (dogecoin revenues notwithstanding), so it serves as a good proxy for what to expect when the company publishes its first earnings release as a public company.\nThe numbers were quite disappointing, and a stark reminder of just how fickle retail trading can be.\nAfter a blistering Q1 which saw a record surge in retail trading, and which translated into record payment for orderflow to Robinhood to the tune of $331 million, the bulk of which was for option orderflow at $198 million and was paid by Citadel which accounted for roughly 43% ($142 million) of Robinhood's total Q1 revenues, things slowed down substantially in Q2.\nAs the chart below shows, the retail trading frenzy ended with a bang in April when Robinhood's payment for orderflow was just $65.9 million, and then dropped further in May, sliding to just $57.4 million - the lowest since October. The good news: there was a modest rebound in June when as we discussed previously, retail investors shifted their gamma-ramping attention to tech giants such as Amazon and Apple, resulting in PFOF revenue of $93.6 million.\n\nWhat we also found notable is that Robinhood's revenue from orderflow from S&P and non S&P500 stocks was down 25% Y/Y, with the only value that Robinhood providers to internalizers such as Citadel is selling it option traffic which rose 48% from $111.1 million a year ago to $164.8 million in Q2 2021. How soon until some dedicated option market-maker decides to steal Robinhood's market share and aggressively starts dumping option traffic data to the Citadels of the world;alternatively what happens when the \"gamma\" trade is no longer a moneymaking cash cow, and retail traders get fed up with selling weekly calls and puts when their premiums gets wiped out after a major market shakeout?\nQuestion aside, the fade of retail trading mania in Q2 was especially acute on a quarterly basis, as PFOF revenue tumbled 34.4% sequentially and were up just 20.4% from the year ago quarter when retail trading mania was still in its infancy.\n\nAnd yes, for those wondering, Citadel still remains Robinhood's top customer, accounting for $81.6 million, or 27.6% of the company's total Q2 PFOF. That said, clearly Citadel's contribution to Robinhood's top line is declining and in June it accounted for just 35.3% of total PFOF, the lowest on record.\n\nTo be sure, it wasn't just Robinhood: as the following chart from Bloomberg shows all brokers saw a substantial drop in PFOF revenue in Q2, amounting to roughly 27% across the major players, but nobody suffered as much as Robinhood.\n\nWhich prompts several questions: is Citadel - whose historically generous payments for RH orderflow is what enabled the company's multi-billion valuation - gradually shifting away from its top supplier of bulk retail trading data, and if so, how will Robinhood replace the lost revenue? And perhaps more importantly: with retail trading patterns clearly reflecting inflows of stimulus payments, peaking just after bulk \"stimmy\" checks clear, i.e., in June 2020, and in Q1 2021, is a long Robinhood thesis just a bet on continued stimulus checks from the generous Biden administration? And linked to that, what happens to Robinhood's bread and butter - retail option trades - when retail traders no longer expect free money from the government?\nAn amusing aside is whether Robinhood will pocket revenues from selling the client order data to Citadelfrom retail traders who are currently ramping Robinhood's own stockin an attempted gamma squeeze. In other words, has Robinhood created a perpetual motion device where it generates revenue whenit itselfbecomes the target of outsized client trades, as the case clearly is today?\nAlternatively, one can argue that the simplest trade to bet on an end of generous fiscal stimulus is not shorting the market or betting on an economic slowdown, as these also benefit from the Fed's generous monetary stimulus, but rather just shorting Robinhood stock - once it is permitted - and waiting.","news_type":1,"symbols_score_info":{"HOOD":0.9}},"isVote":1,"tweetType":1,"viewCount":853,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":9,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/890009984"}