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Scott Galloway on Robinhood

Discussing the /r/WallStreetBets Gamestop saga, Scott Galloway has this to say about day trading, in general:

When you sit down to day-trade, you’re sitting down at a poker table that doesn’t take advantage of time and two or three people at that table have supercomputers, PhDs, someone whispering in their ear, and they have enough chips to ride out any bad hand. Yeah, so just be sure that just be clear, you are at a poker table with the best players in the world and typically if you looked at Game Stop, I’m sorry, if you looked at Robin Hood, they have this thing with the most popular stocks. If you just invested – if you kept buying the most popular stocks according to [Robinhood] there’s been analysis that said you would have lost 80 to 95% of your capital. Yeah. And here’s the problem: we have these platforms that are just, quite frankly, trying to get you to, to create more activity because they sell your clicks, they sell your information they sell your order flow, then, that, that agency or that company is no longer a fiduciary they no longer have your best interests at heart, they just want you to get to do more and more and more. Yeah, and that’s what Robin Hood is the new in my opinion Robin Hood is the new Facebook, it is the new menace (35:02).

Galloway, S., & Swisher, K. (2021). ‎Pivot: More hearings for big tech, GameStop stock surge (again), and predictions come true on Apple Podcasts (No. 197). Retrieved February 27, 2021, from https://overcast.fm/+OwaJBtDyY/35:03