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Robinhood lays off 23% of staff

wsj.com

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Re: Robinhood lays off 23% of staff

#481

Post by [deleted] »

stockboss wrote: post #422
skrtskrt wrote: post #315

Earlier quoted context omitted.

they’re quite different first and foremost, working out at home has always been available. If you prefer working out at home you were probably already doing it. Second, a lot of people enjoy a social aspect of gyms, or even just find it motivating to be around other people working out even if you don’t talk to them. You only have to spend a little time around fitness oriented folks to know workout at home was never g…

as a bodybuilder for 20 years, i completely agree with you. working out at home has never had the same appeal to me or anyone else i knew who worked out as going to a gym. i got a peloton during covid isolation and it simply wasn't the same. i went to the gym the first day it opened and so did every other regular. i knew peloton wasn't going to continue thriving, however i do have to say they have very quality equipm…

[deleted]

Re: Robinhood lays off 23% of staff

#482

Post by moneywoes »

pram wrote: post #310
spaceman_2020 wrote: post #14

Earlier quoted context omitted.

Or when making money became harder. Amazing the number of people I personally know who took 1 year of day trading to be the “norm” and made big life decisions based on their results. From quitting good jobs to buying houses they can’t afford, all because they made big money in 2021 and thought they could keep repeating it every year.

Options trading in particular is really addicting, like gambling. I’ve had periods where I was completely sucked in, looking at charts and news all day. I will admit I’ve had thoughts in the past of “I should just quit my job and do this” without any practical consideration as to how sustainable it would be. Not because I thought I would be rich, just because I wanted to trade all day! It’s kind of like being addicte…

What type did you do?

Re: Robinhood lays off 23% of staff

#483

Post by dominotw »

sumedh wrote: post #433
adam_arthur wrote: post #429

Earlier quoted context omitted.

No heuristic is perfect, but it's fairly easy to quantify empirically from activity/records. Developers who are productive (actually write and ship large amounts of quality code) tend to be valuable and those that don't, aren't. That being said there are some intangibles, like morale etc. It's possible there are people that benefit the team while having low personal productivity. But anyway, no need to approach in th…

> (actually write and ship large amounts of quality code) What about Dev leads who mentor/architect stuff instead of writing code day to day. How will you measure that?

> architect stuff

how can someone be good at architect-ing stuff if they never code or code very little.

seems like the method GP is describing would be good to weed out such imposters.

Re: Robinhood lays off 23% of staff

#484

Post by moneywoes »

skrtskrt wrote: post #315
alecbz wrote: post #181

Earlier quoted context omitted.

Would you say the same about working from home generally, which seems to have more staying power (even if we are seeing some return to office)? It seems not-crazy to me that someone would have thought that WFH was going to stick around post-COVID and thus also make people want to keep being able to work out from home.

they’re quite different first and foremost, working out at home has always been available. If you prefer working out at home you were probably already doing it. Second, a lot of people enjoy a social aspect of gyms, or even just find it motivating to be around other people working out even if you don’t talk to them. You only have to spend a little time around fitness oriented folks to know workout at home was never g…

With your experience, what do you see working out?

Re: Robinhood lays off 23% of staff

#485

Post by dominotw »

pipeline_peak wrote: post #463
adam_arthur wrote: post #358

The truth is that a majority of tech companies don't need 50%+ of their employees. Google could lay off vast swathes tomorrow and be immensely more profitable without any loss in revenue. The 2010s will be remembered as the golden era for tech employment. The second we start getting industry wide layoffs, the insanely high wage inflation we've seen will kick into reverse much faster than you probably believe possible…

> The truth is that a majority of tech companies don't need 50%+ of their employees. Then why are they hired? It can’t be image alone

There is constant pressure from upwards to "increase scope" and hire more people.

Re: Robinhood lays off 23% of staff

#486

Post by moneywoes »

stockboss wrote: post #422
skrtskrt wrote: post #315

Earlier quoted context omitted.

they’re quite different first and foremost, working out at home has always been available. If you prefer working out at home you were probably already doing it. Second, a lot of people enjoy a social aspect of gyms, or even just find it motivating to be around other people working out even if you don’t talk to them. You only have to spend a little time around fitness oriented folks to know workout at home was never g…

as a bodybuilder for 20 years, i completely agree with you. working out at home has never had the same appeal to me or anyone else i knew who worked out as going to a gym. i got a peloton during covid isolation and it simply wasn't the same. i went to the gym the first day it opened and so did every other regular. i knew peloton wasn't going to continue thriving, however i do have to say they have very quality equipm…

Any poignant advice for a skinny person spinning wheels For a year?

Re: Robinhood lays off 23% of staff

#487

Post by colinmhayes »

dominotw wrote: post #480
tomc1985 wrote: post #477

Earlier quoted context omitted.

And so what if it is? With the rate that tech is going to be putting people out of jobs, most folks are going to have shit for options. Let the privileged folks have their fun, so the unprivileged can eat and not worry so much.

> And so what if it is? Causes asset inflation making them out of reach for the 'unprivileged'. See housing market.

Housing market appreciation happens because homeowners vote to restrict housing supply. Turns out it’s hard to convince people to vote for lowering the price of something when most of their net worth is tied up in it.

Re: Robinhood lays off 23% of staff

#488

Post by 8ytecoder »

ok_dad wrote: post #474
birksherty wrote: post #472

Earlier quoted context omitted.

Many people need that money. It's absurd Americans judging at normal people spending money, but same people ok with companies making record profit during pandemic, the minimum wage limit etc. It's pathetic.

No kidding, a few well off tech bros use the stimulus to gamble and suddenly every family who actually needed that money was a waste? Was the government just supposed to lower taxes for corporations and the rich yet again?!

It's the usual way people react to their favorite partition talking points. There's a good amount of research that suggests that people saved their stimulus money. Not everyone spent and not everyone gambled it.

https://jsri.msu.edu/publications/nexo/vol-xxv/no-1-fall-202...

Re: Robinhood lays off 23% of staff

#489

Post by moneywoes »

tenpies wrote: post #473
adam_arthur wrote: post #358

The truth is that a majority of tech companies don't need 50%+ of their employees. Google could lay off vast swathes tomorrow and be immensely more profitable without any loss in revenue. The 2010s will be remembered as the golden era for tech employment. The second we start getting industry wide layoffs, the insanely high wage inflation we've seen will kick into reverse much faster than you probably believe possible…

> Yet tech is such a small portion of the labor force that layoffs here basically mean zilch when it comes to the unemployment rate/inflation, and thus there's a long way for it to fall before the Fed adjusts policy The really scary thing for me is the possible macro environment for tech. Indians will soon overtake any of the Western countries as the largest English-speaking population on the internet. As I'm sure ma…

Unfortunately I agree but what can we aka a western tech worker do to combat this?

Re: Robinhood lays off 23% of staff

#490

Post by irjustin »

bboygravity wrote: post #466
irjustin wrote: post #456

Earlier quoted context omitted.

Yeah the 1st point is a "conspiracy" in that it's simply not true and what people who dislike Robinhood share amongst themselves as truth. Robinhood has lots of problems, this is not one of them. [edit] Forgot about fractionals where this statement is true, but that's well known/accepted?

Yes counterfeit stock trading by RH is a conspiracy. But the fact that it happens in the US is not really a conspiracy as it has been documented quite thoroughly. A source/book about it is "Naked short and greedy". Internalizing trades however is less of a conspiracy. Almost all US brokers do this or offer this trade routing option. Here's the head of the SEC stating that almost all retail market orders on any broker…

Sadly, I can't converse with you if you're willing to modify your original statements. Guess we should've quoted it.

Originally this was talking about "fake/not-real ownership of the underlying stock", but now it says (quoting for good measure):

> 1. lets people trade "stocks" that aren't stocks the way people think they are. All (convenient) trades (for its HF clients) get internalized and never ever hit any lit market/exchange. The fact that this is possible is a general issue with the US stock market and lack of meaningful regulation and policing.

Now you're saying "internalized trading". Well this is 100% true - of all brokerages. So this no longer makes RH bad vs anyone else... you like Robinhood now?

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