Thanks to our partner: https://app.godelterminal.com?via=house Follow us: https://x.com/hood__house https://x.com/jonathanrstern https://x.com/devinpryan In episode 5, Jonathan Stern hosts Devin Ryan, head of financial technology research at Citizens and lead analyst on Robinhood, who carries a market outperform rating and a $155 PT. Ryan gives Robinhood's record Q2 a grade of A-minus. The heart of the conversation is agentic finance: Ryan expects agents running direct indexing, rebalancing, and tax-loss harvesting to multiply retail notional volume by at least 10x, with rate-per-trade compressing much as commissions did after 1975 while early movers take share. He lays out the super app thesis, talks Robinhood vs. SoFi, and discusses the tokenization and ARPU math that could carry Robinhood toward $40-50B of revenue and a $500B+ valuation within a decade. The conversation closes on prediction markets as an emerging asset class far bigger than sports, the CFTC vs. states fight and the gambling optics, and what the biggest bear case is today. 00:00 - Sponsor: Godel Terminal 01:26 - Devin's grade for Q2: A-minus 05:19 - Trump accounts in July 08:24 - Agents will multiply trading volumes by 10x 18:42 - When will more than 50% of stock market activity be agents? 22:30 - What a financial super app actually means 26:41 - Robinhood vs SoFi 29:33 - Largest financial company in 10 yrs 30:36 - Tokenization unlocks trapped capital 32:40 - The path to $50B revenue for $HOOD 37:35 - The institutional business nobody sees 38:47 - Prediction markets beyond sports 42:38 - Regulation and the gambling label 48:15 - The strongest bear case 51:08 - Memecoins 53:53 - Nobody is modeling perps or agentic trading 56:49 - Why having a founder / CEO matters Citizens JMP disclosures Citizens JMP Securities, LLC currently makes a market in the security of Robinhood Markets, Inc. Citizens JMP Securities, LLC, was manager or co-manager of a public offering of securities for Robinhood Markets, Inc. (HOOD) in the past 12 months and received compensation for doing so. Citizens JMP Securities, LLC. expects to receive OR intends to seek compensation for investment banking services from Robinhood Markets, Inc. in the next three months. Citizens JMP Securities, LLC, or its affiliates have received compensation from Robinhood Markets, Inc. for products or services other than investment banking services in the previous 12 months. Citizens JMP Securities, LLC currently makes a market in the security of SoFi Technologies, Inc. Citizens JMP Securities, LLC. expects to receive OR intends to seek compensation for investment banking services from SoFi Technologies, Inc. in the next three months. Citizens JMP Securities, LLC, or its affiliates have received compensation from SoFi Technologies, Inc. for products or services other than investment banking services in the previous 12 months. Disclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions. $HOOD #robinhood #investing #stockmarket #stocks #predictionmarkets