Robinhood CEO Vlad Tenev says there is still one more area of capital markets presenting golden opportunities.
In a new interview with David Rubenstein, Tenev says the ability to get truly exponential returns in the public markets is becoming a relic of the past.
The CEO says he thinks private markets are now an area where investors should look to achieve the outsized gains that low-cap tech stocks used to provide in previous years.
“I think one of the biggest opportunities – also a big tragedy – is that private markets are where the bulk of the interesting appreciation and exposure is nowadays. If you want early exposure, or even medium to late stage exposure, as a retail investor, you’re largely shut out. And the days of a technology going public at a valuation in the hundreds of millions and then giving you a 1,000 or 10,000x return in the public markets are getting increasingly more and more rare.
So I think private markets are a huge opportunity. It’s a shame that it’s so difficult to get exposure in the US. We’re obviously working to solve that, but that’s where I would point to as like the greatest remaining inequity and opportunity in our capital markets.”
Shares of Robinhood (HOOD) are currently trading at $118, up 23% on the month.
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