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Vlad Tenev

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2026-03-03
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2026-03-03
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  1. “For me personally I think success is. Creating dramatically more value for the world than you create for yourself. So yeah, I think I would feel good if the aggregate impact On the rest of the world And I think obviously it should be positive. I think it is much bigger than what happens to me personally. And I think that's what's pushing me to, as you said, further. Ownership make it so that everyone has skin in the game. Because I think that if I can play a part in doing that across privates, publics, post-IPO, and make it so that more people own the great industries of this country will lead to not just smarter and more well-off individuals, but also a more stable and prosperous society. And I think that's a legacy that I would get excited to tell my grandchildren proudly about when they're, you know.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Haven't thought deeply about Whether we would securitize mortgages My feeling is that. I mean, at the end of the day, we just want, we'll just enable what offers customers the lowest cost, whether tokenization enables that or you can connect directly to a network of banks that can compete over your mortgage traditionally, I think remains to be seen You could argue actually tokenization at first would have a disadvantage because the banks won't be tokenizing. And so you probably have to meet them where they are and give them the information in ways that they can support. But yeah, over time, that's likely to shift. They tend to be laggards of technology. So if five to ten years they're doing mortgage originations on-chain, then you can imagine it being the primary market for that.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Humans. Yeah, I think the hard part about the mortgage business is very rate dependent. So I don't think we necessarily want to get into the mortgage underwriting business or holding mortgages, but we want to help people with all of their financial needs. And I think for that one, being a network and allowing different banks to compete over who can offer you the best possible rate as a consumer is probably the road we're going to keep going on.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Yeah, and we have a mortgage partnership with Sage Home Loans that gives you 75 basis points off of the national average.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “If there was a ton of competition overpaying the highest rate on checkings, it would affect the safety and soundness of banks and it would lead to more bank failures. And so the FDIC or OCC came in and they said no interest on savings. I think that was later repealed. But by that time, of course, the interest you collect from the checking accounts was such a big line item part of the P&L that it's hard to part with that. And so they sort of like became structurally reliant on it And, you know, how do you? And you suddenly are talking about giving the majority of that back to the customer and taking no profit. You do that very, very quickly and your earnings go down. Profitability goes down. If you're public, that could have an impact on the stock price. And suddenly it becomes a safety and soundness concern.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “I mean, I think at one point, there was a rule. I think this was. I didn't study this, so you might have to look it up, and we might have to correct it. But I think for a long time, banks were actually prevented from paying interest on savings. And the fear was that if they start competing over paying interest, or sorry, they were prevented from paying interest on checking. And the fear was.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Yeah, I think that's right. And I think sometimes, to be fair, there's a delicate line between these things because they have all kinds of safety and soundness constraints and all of that.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Yeah, combination of differentiated features you won't find elsewhere. Amazing economics where you have the opportunity to earn a high rate of interest, not just on savings, but also on checking, which by the way is a huge annoyance for people that the banks play this game of like. Money goes in and out of your checking, and of course will penalize you if you try to take money in and out directly of your savings too many times for no reason. Than to collect the high spread on checkings. So it's basically a little bit of a stupid tax where they try to penalize you for doing wrong things. And I think that, or sorry, penalize you for doing the right thing. Not to be too pejorative, they're running their business and people are, they provide valuable services for people. But I think that's an opportunity for us to differentiate.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Bank account. And for a while, we weren't really playing in that space, but you might have noticed a couple weeks ago we started rolling out Robin Hood banking. And if you look on social media, Robinhood banking's a hit. I mean, people love everything about the product experience. We've really, the team there has really done a nice job sweating the details and building a comprehensive banking offering. It's a combination of things that you won't get anywhere else like real-time cash delivery, which is available in New York. So if you're actually here domiciled, you can try that out. That's rolling out more broadly as well. But also just the bread and butter child savings accounts, join accounts so that you can have shared finances with your spouse. A family first experience where you can actually manage the finances of the whole family in one place.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “Yeah, I mean, making us your primary financial institution is really about coverage. And the goal is for Robin Hood to be not just your secondary, but also your primary account. We want to be both. We can be your secondary account and your primary account, your backup and your main. Most of the time when you actually ask people what's your primary financial account, they'll talk about where their paycheck lands up.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “And deeper into brokerage. So basically, and we saw this with retirement as well if someone uses the credit card as their primary card, they put more of their wealth into Robinhood and more of their money into it, and they become a more profitable customer to us. And that allows us to close the gap between the rebates we get from the networks and the 3% we pay back to customers.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “Yeah, so here's the great thing. The other thing that we have that at least the pure play credit card companies don't have is a brokerage business. That ties into it. So, in order to get the 3% cash back, you actually have to deposit the funds into your brokerage account. And so we've created this flywheel through Robinhood Gold by using the credit card, you also use the brokerage product. And of course, at the beginning, it was mostly the other way. So existing brokerage customers would adopt the credit card. But increasingly, we're seeing people coming to us for the credit card. And then we actually get them to use brokerage and our wealth management offerings as well. And what we've seen is that the more product you use of Robin Hood, the more engaged customer you are, it lifts all boats. So each of our other product lines benefit. And I think that's what's really pushed us to a more rapidly diversify and add new adjacent product lines rather than just getting deep.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Yeah, and by the way, I think that if we can put pressure on the credit card companies to start modernizing, that'll be good for them and for the consumer.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “I think it's a cost structure problem. You look at the big credit card companies and they have tens of thousands of people, right? Tens of thousands of people that are manually servicing these accounts. And they spend a ton of money on marketing. So, yeah, I think the actual economics of the card program itself are dwarfed by the economics of like the large headcount needed to operate the businesses. I think those are very, very painful decisions because not only I mean, not only are you talking about like shrinking headcount, but also in order to do that, you actually have to have the technology to be able to automate the entire servicing process and the underwriting. And I think we had an advantage because we were able to build this from scratch. So you could start from first principles. So I think”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Credit card companies typically have had to really think about cost of customer acquisition. Because they have to pay for customers to come in. But we have such strong word of mouth that customers are coming faster than we can let them off. And that's just entirely from peer-to-peer reviews, existing happy customers posting about how much they love it on social media. I think that's been a huge driver of its success.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “I mean, in some cases, if you look at the really successful e-commerce companies like Amazon, what they've been able to do is do such a good job that they've become the default place you go to buy stuff. And sure, maybe at this point, if you want to compare and you want to buy a new belt. You really wanted to like save on the belt, you could probably find it cheaper somewhere else. But they do a good enough job and they serve you well for such a large majority of things that they become the first option. I think that's what we've been able to achieve with the credit card. And, you know, even though it's still... Even though it's still not completely generally available, we do have over half a million cardholders, and we're among the fastest growing credit cards. And, you know, more people keep joining. It's like.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “But, you know, a lot of people don't want to play that game either. They want to say, okay, I don't want to spend my time working in spreadsheets and figuring out, okay, if I spend this much on travel, I use this one card. And for my groceries, I use that. And for my gas, I use this. So it's very, very compelling value proposition to say 3% on all categories. Because what that allows you to do as a spender is to say this is just my default card. I'm just going to, this is going to be at the top of my wallet. Sure, I have the opportunity, the ability to do more work. If I wanted to do more work, maybe I'll pull out some other cards for other scenarios. But I also know that if I don't want to think about it, this card is really good in general as a default. And I think.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “Easy to explain the value prop 3% cash back on all categories, right? And if you're a credit card nerd, which many people are, if you're like one of those people that follows the points guy, there's an entire businesses.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “We make money in all of the standard ways, transactions, interest on assets, lending-based revenue. But we like to compress the margins and operate much more efficiently. So through our use of technology, we can offer our services at much lower cost. And we can actually give to our customers the difference so that you're actually at a financial disadvantage using any other product than Robinhood. So yeah, I think unfortunately it's not as simple as like, oh, free trading or not commissions. We do make money in other ways, but generally using Robinhood should be cheaper, higher value, more cost effective across our entire product suite than any of our competitors.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “We do have. Fee based products. I think that in the beginning. Robin was a simpler business. We offered equities trading at the very beginning. We didn't make money and eventually it became payment for order flow and margin lending and interest on balances. Now Robin Hood is a financial super app. We have 11 business lines as of the last earnings call that generate $100 million in revenue or more. I think the general principle is.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “Go to these Bitcoin events, and there are believers, and they'll tell you it doesn't matter what's going to happen. It goes up. I buy more, it goes down, I buy more, I'll tell everyone I know to buy it. So Yeah, at this point, I would definitely not. I would definitely not be a long term Bitcoin bear”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “I think Bitcoin has been Thinking in hindsight, the top performing asset of the past decade and you're starting to see It becoming more institutionalized. I mean, not just with the DATS, but companies putting Bitcoin on the balance sheet, institutions, and asset managers embracing it. I mean, for a long time, Vanguard, one of the largest asset managers, said we're not going to offer Bitcoin on our platform. But even companies like that are changing their tune and offering it. Yeah, I think you should expect that to accelerate. I mean, Bitcoin as the original crypto asset is always going to be singular. Nobody else is going to be the first or original. And I think that's why so many people. That's why there's such mystique and aura about it, right? Because you go to these.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “Yeah, I mean, we talked about real estate We've definitely talked about real estate in the past. And I want to, you know, I'm a proponent of a diversified portfolio. I don't want to say one asset is better than another asset. I think that If we make it easier to, I think the general approach that we have is look at what wealthy folks have access to. What are the tools they have to protect their wealth and grow their wealth? And they have access to all sorts of things that are not easily accessible. A lot of alternative investments, real estate, private credit, private equity, venture capital. And if we're in a world where It's easy for the mass market to have access to these, then I think we'll be in good shape.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “There was an easy way to invest and to protect your wealth, it would have been much better for the country at the end of the day because the country got set back. It was sort of like the year I was born 1987, maybe the time around that was the heyday of the country. And then for a long time it was just a gradual decline. And I think now there's promising signs. But I think that So much of it starts from the will of the people and how optimistic they are about the future, being able to raise children, the economy. I just saw the impacts of having a market system that just didn't work. So it made me appreciate what we have in this country and wanting to make it more global exported to everyone else and just making it easier for people to own companies that are producing stuff.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “I was actually looking at this earlier. My parents had the bank statements for my initial savings account. So my grandparents opened up a savings account for me when I was born and you see all their deposits. And it was like, you know, 10 LEVA, 20 LEVA, it got up to 2,000 leva in the mid-90s. And then the next one, it was like basically zero. Yeah, they had to do all sorts of crazy things. My grandfather would invest in copper cookware. So we had this closet in his apartment that was just full of copper pots and pans. They would hold value better than the currency. I think that.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “That was our, I think that was the banana trading partner. So it's like bananas are what 20 cents. So yeah, that seemed crazy. And then I also remember when I was a little bit older, so this was 1996, 1997, five years after I came, Bulgaria had the unfortunate distinction of having the highest inflation rate in the world, was at 1800% in one year. So you had the currency essentially collapsed and they kept having to add zeros to it. It used to be two Bulgarian leva to $1. And I think it got to $2,000. So they kept having to like recycle all the bills and add more and more zeros. And at that point,”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  27. “You go to the grocery store and you'd see the big thing of bananas. And in Bulgaria, bananas were like a crazy delicate. Well, because you had to get them from Cuba.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  28. “You know, when inflation hits that high, you get all kinds of problems, not just food shortages, but also electricity and power shortages. And so they would have these rolling blackouts. So I remember being huddled around the radio and the radio was like battery powered. And, you know, the power would go out pretty much every night. So we would just be like listening to the radio with my grandparents. And then we came to the country, to the US. My mom came about a year after my dad. I came six months after her. Remember, I was five years old, so I could still remember some things. Like it was very clear, you know, I have memories from childhood in Bulgaria. And then when I came to the US, and one thing that shocked me was that there were bananas in the grocery store.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  29. “We didn't have the resources for that, and we also weren't sure at the time whether it was going to work out in America, whether it was a future there. So my dad went. In 1991, the inflation rate in Bulgaria was over 100%. So we talk a lot about 5% inflation here, but literally it was like triple digit percentage inflation. And I remember my mom would look out the window. We lived in an apartment in Varna and I still remember the line for the grocery store. Like you had to actually get there at the right time or otherwise there were no eggs available, no milk available, you know, and the milk would be in these like big plastic bags. There was also power rationing.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  30. “Yeah, I mean. The year that My father left Bulgaria. He had an opportunity to study at the University of Delaware. So in Bulgaria, he was a professor of economics in tourism on the Black Sea coast, which is our warm weather summer capital, they call it. So anyway, the Berlin Wall fell. The Iron Curtain was lifted. And suddenly folks from Bulgaria could leave. People from the West could come in and we could leave. And so my dad was given an opportunity to go to the University of Delaware to pursue a master's degree. And the year he left was 1991. So we couldn't, we weren't in a position where my whole family would go.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  31. “I feel much more confident in so we kind of think through that, and that's why we care so much about Robin Hood Ventures, the Trump accounts. I've been talking a lot about multi-generational financial services. How do we make Robin Hood work really well for you, for your whole family and make it work better if your spouse or your parents or your children are on Robin Hood? And I think that A huge wealth transfer coming, so over $120 trillion are going to change hands and go from the old generation into the young. And I think that's a big opportunity to actually accelerate our goals. And I think if we do that, Robinhood itself is a business should benefit as our customers benefit.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  32. “Yeah, I think our North Star is really just maximizing equity ownership, direct equity ownership from retail across the world, right? And that's what we get into how do we get more people invested in public stocks? Can we start at a younger age, which is why we're excited about initiatives like Invest America with the Trump accounts? Can we get people outside the US plugged in as well and make that as easy as possible? Can we do private markets which are inaccessible to people? I think that if we maximize equity ownership and actually the percentage of it held directly by retail will end up in a more stable and prosperous society that's more and that's a future that”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  33. “At the New York Stock Exchange. And I think that there's improvements. The IPO process has gotten so ossified and the branding of it is bad at all stages that you can really just like systematically make improvements across the board. So I think we should do that as well and make it. Improve the brand of being a public company and also make it easier to get public. And at that point, we'll really be attacking the problem from multiple angles.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  34. “This year, there's a complete profound change where the best companies that are going public are coming to us and asking for feedback about their retail strategy. And you see the CEOs going on national television and talking about how they want to contribute to the disruption of the traditional IPO model and giving retail larger and larger allocations as time goes on. People are embracing it. And I think the same thing is going to happen for private retail access. It's just going to go earlier stage, but the benefits are so strong that I think that there'll be. Be standardized as time goes on. And I think also we could make it easier for companies to go public. There was actually a roundtable that I was part of here in New York two days ago. It was called Make IPOs Great Again. We had the red hats and everything.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  35. “And we saw the same phenomenon for our IPO access offering. So we have a great IPO access offering, which is the number one retail channel for IPO participation. And we started this in 2021 around the time that we went public. And we've done, I think roughly 50 IPOs since the beginning. And around the beginning of this program, Generally, we got a skeptical reception from companies. They didn't understand why they would want to do it. Their bankers would kind of talk them out of it. So we had to ask for favors and we really had to elbow our way into getting even small allocations into some of these deals.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  36. “I think in the case of the open AI and SpaceX tokenization, we were sort of running an experiment and we wanted to be the first. If there was a Guinness Book of World Records for the first tokenization of open AI in SpaceX, I wanted to claim that. But it was a small giveaway in the grand scheme of things. I think the scaled solution is best when actually the companies are involved. And what I've seen in the past few months as we've gotten Robin Hood ventures off the ground is that great companies do want to be a part of this and do see the value of retail. We made a number of investments that have actually been public about how much they love the model and how they think this is the future.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  37. “There's been a lot of activity in this space, and I think it'll continue particularly for LP interests and special purpose vehicles that are Highly concentrated in one or two companies. I think those are, in many ways, becoming an alternative to direct investments in companies. I think our preference and how we approach access to privates is we always would prioritize coming through the front door, right? And making sure that the company wants exposure to retail. You know, we want to work with companies who actually see this.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  38. “And the data is getting out. And I think that's a hard genie to put back in the bottle if the price is out and then the company's doing a round of financing anyway. And it's like, well. Why are the derivatives here and you're pricing the round at this price? Why don't I just hedge my exposure? So I think that it's going to be tough increasingly in a global market to Have as much control over the price as maybe private companies have historically had.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  39. “The Platonic ideal is for the price of the asset to be driven by supply and demand and willing buyers and sellers in a transparent market. I think that's where everyone gets the best outcome because in any other scenario someone could be taken advantage of, right? Like if one side has more information than the other, you could end up in situations that aren't fair. So I'm generally a proponent of Price being discovered transparently through two sided markets. Now, again, that's not necessarily the world we live in today with Private assets. And so there will be a transition period and not all companies are going to like the changes. But I do think it's inevitable to some degree that this happens because what will happen is there's going to be active derivative markets on these private shares.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  40. “It really depends on the vehicle. So, for example, there's tender offer vehicles in the US that allow trading only at the NAV, the net asset value, which is sort of like the The price that these assets are priced by independent valuation bodies. The problem with that is if you're a company that hasn't done a round of financing in four to five years, the NAV is not necessarily reflective of the true cost of the asset. And so there's other vehicles that allow for real-time pricing. And I think that...”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  41. “Of a company or an executive, and you have quite a bit of shares locked up, you'll be able to sell easily on a transparent market without the complexity of dealing with paperwork or waiting till IPO. So, I think those are the things. And I think the third order consequence will be an explosion of entrepreneurial activity. Like if it's easy to get funding for an early stage venture, for example, and you don't have to spend full time as CEO raising capital, I think there will be much more capital for startups and consequently much more startups.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  42. “I think it depends on the asset class. So, for example, for privates, I think the Second order consequence is that for entrepreneurs, the other side of the market, you'll have an easier time raising capital. So rather than going through this opaque process of Spending a lot of time meeting investors one on one, pitching in person. You could imagine a digital fundraising process where you're plugged into an electronic market and you can push a button and you get the capital to run your business. I think that'll happen, not just for crypto companies, but for all types of companies. Secondary liquidity will be much easier. So if you're an early employee.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  43. “Yeah, and tokenization will work outside of the US. So you might have seen a couple of months ago we did a crypto event for a crypto business in Europe. And there we tokenized hundreds of public equities and also did a tokenized giveaway of open AI and SpaceX, which was very popular. And so I think similarly to how Stablecoin has evolved, tokenization will be the primary vehicle for ex-US investment until we get regulatory clarity. And you'll see tokenization of privates seep into the US as well. The U.S. already has robust structures for traditional finance that Robinhood will work to make more digestible and accessible to retail investors.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  44. “It's hard to take an individual asset like if it's real estate, an individual property or an individual private company in the sense of late stage privates and make that tradable. But you can do a portfolio of things. So at least as a passive investment vehicle, we can give people that type of exposure.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  45. “I think tokenization as an underlying technology can be done, but it's not really permissible in the US. And the reason for that is. What you'd be tokenizing is essentially a company. And so when you tokenize a company, it goes into security regulations. And security regulations have an established framework that is not currently compatible with decentralized finance and crypto technology. That's one of the things that is being worked out. But there's another mechanism in the US using sort of traditional Rails, which are called Forty Act fund structures. And I think there's been, well, there will be a flurry of innovation in this space, partly because the current administration has declared that they're open to using these vehicles to provide access to alternatives and privates. And the limitations currently are that”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  46. “Generally low quality properties in random parts of the world, commercial properties. So I think that real estate is so visual. The purchasing experience of just going on a Zillow or Trulia and browsing has gotten really good. And I think it's far ahead of the experience of actually investing in real estate. And I think those don't exactly overlap. So I do think there's room for a real estate investing product that is actually legitimately good and low cost and easy to understand.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  47. “Problem is in private markets. And I think there's also opportunity in early stage venture. We want more people to be exposed to companies at the earliest possible stages, even though the risk is greater, because the opportunity for upside is also greater. So I think there's interesting opportunities and products there. And if we can streamline the capital markets aspect and make it easier for entrepreneurs to raise money on the other side than we could lead to more entrepreneurship and innovation too. And real estate is interesting to us as well. And I think the way real estate's been done is. Not amazingly inspiring.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  48. “I think real estate is incredibly meaningful, especially now that. Most people are unfortunately at a point where they're having difficulty buying their first home. And I think that could be attacked for multiple angles. One is by breaking it up into little pieces and making it so that, okay, maybe I don't want to take on a mortgage and own my own home, but maybe I want to be an investor and be exposed to either one or multiple homes and areas that I think will do well. So I think that'll happen. But my priority, I think, is late stage privates. We launched this thing in the US called Robin Hood Ventures, which aims to solve this problem. And we have our first closed-end fund, which we filed to go public, which is in the quiet period right now. So I can't talk in much detail about the mechanics of that. But I think the biggest opportunity and the biggest...”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  49. “Everyone's an owner of our industry. And if we make sure everyone is an owner, if you own something, you want to protect it. And I think we're more likely to have a stable and prosperous future.”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source

  50. “Going public as a company keeps getting more challenging. There's more process, less companies are doing it. There's more opportunities for institutional capital to fund private companies. And you get an inadvertent situation where retail investors are shut out of some of the most important companies. And it's not just AI. I think AI is the most important. But there's also space technology, right? You look at SpaceX's valuation in the hundreds of billions. It's basically the largest and most impactful private space company. Retail has been shut out from the very beginning there. And so I'm trying to figure out how to correct that and reverse it, give people exposure to these companies and make it so that”

    2026-03-03 · The Knowledge Project with Shane Parrish · The Near Death Experience of RobinHood | Vlad Tenev, Co-Founder · IDENTIFIED FROM THE TRANSCRIPT · source