Robinhood (Tries to) Cover It's Hiney With Letter to Account Holders - and Fails ⋆ Politicrossing
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Robinhood (Tries to) Cover It’s Hiney With Letter to Account Holders – and Fails

Let the people trade!

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Nearly five years old, the above tweet didn’t age very well, now did it?

A few years ago I opened a Robinhood account and yet never did anything with it. Basically I downloaded the app and forgot I had it. But because I have an account I got their CYA email explaining away the egregious actions they took yesterday.

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An update on market conditions

Hi Christopher,

It’s been a tough day, and we’re grateful to you for being a Robinhood customer. In light of the extraordinary market conditions this week, we temporarily limited buying for certain securities this morning. Starting tomorrow, we plan to allow limited buys of these securities. We’ll continue to monitor the situation and may make adjustments as needed.

This was a temporary decision made to best continue serving you, and was not an easy one to make. We know it’s led to frustration and confusion, and wanted to provide some clarity.

As a brokerage firm, we have many financial requirements, including SEC net capital obligations and clearinghouse deposits. Some of these requirements fluctuate based on volatility in the markets and can be substantial in the current environment. These requirements exist to protect investors and the markets and we take our responsibilities to comply with them seriously, including through the measures we have taken today.

To be clear, this decision was not made on the direction of any market maker we route to or other market participants.

The past year in particular has shown us that the financial markets are for everyone—not just institutional investors and hedge funds. We’ve seen a new generation enter the market, and they’re sparking conversations about what it means to be an investor. We stand in support of you, our customers. Democratizing finance for all means giving more people access, not less.

We’ll keep monitoring market conditions and will update this Help Center article with the latest changes. We also published a blog post regarding today’s events.

Thank you again for being a Robinhood customer. We’re so grateful for your support.

Sincerely,
The Robinhood Team

Let’s just take a look through this and ask some questions:

“It’s been a tough day” – Boy I bet it has, but what about the small investors – playing well within the rules – who you screwed?

“We temporarily limited buying for certain securities this morning” – Because, well, we had overlords to protect. Hope you’re okay with that.

“Starting tomorrow, we plan to allow limited buys of these securities. We’ll continue to monitor the situation and may make adjustments as needed.” – play nice kids and give some of the money back to the rich kids, and we will let you play again.

“To be clear, this decision was not made on the direction of any market maker we route to or other market participants.” – Uh-huh…

“The past year in particular has shown us that the financial markets are for everyone—not just institutional investors and hedge funds” – except when push comes to shove and the little guy starts winning. Then we step in.

“We stand in support of you, our customers” – except when we don’t.

“Thank you again for being a Robinhood customer. We’re so grateful for your support.” – Hey, where did you go? Hello? Are you still there?

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Chris is one of the World's Top 50 Speakers, member of the Motivational Speakers Hall of Fame, and one of Inc. Magazine's Top 100 Leadership Speakers. He considers it a privilege to be able to speak to people, help them lead successful lives, become extraordinary leaders and, masterful salespeople. Chris has authored twenty books with three million copies in print in 13 languages and over 450 articles on success, leadership, sales and motivation.



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Business

The People Who Size You up Instantly

Beware of people who conveniently assess what you need, while missing the boat about their own needs

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I went to a social gathering and, arriving early, few others had arrived. So I took out my notepad and pen, and leisurely started making notes. A lady who saw me, asked what I was writing, which, of course, could be either a friendly way to start a conversation, or intrusive, depending on your point of view. I took it as the former, and shared with her my predisposition to take notes outside of my office where I generate ideas that don’t readily emerge at my desk.

Apparently my explanation was not satisfactory for her. In rapid succession she told me, ‘You need to get a drink. (Actually, I don’t drink.) You should to stop making notes. You ought to relax. (Making notes is relaxing to me.) You need to get a life.’

Paradoxically, I am the author of the books, Breathing Space and Simpler Living, and the audiobook, Get a Life. I also own the registered trademarks for the programs, Relaxing at High Speed and Managing the Pace With Grace. I have delivered 1,060 lectures on these topics for three decades.

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Quick and Wrong

It’s beyond strange when someone at a social gathering, in such short order, will assess what I need to do, with one pronouncement after another. When told that I needed to relax, I said, “If I was any more relaxed, I’d fall asleep.”

I came away from that experience recognizing that people who will readily tell you what you need are the ones who need what they’re telling you. You might have noticed a somewhat similar phenomenon in the workplace.

Suppose you work in a company that is crowded, noisy, and busy almost all the time. However, in your own office or cubicle, whichever the case might be, you’re able to maintain order.

Perhaps you have installed some sound barriers, if that is appropriate, and have crafted a workspace where you can get things done. People who walk by notice that your office equipment, resources, and possessions are organized. Guess what? Some office mates won’t tell you this, but they are uncomfortable with your organizing skills.

If they could find a simple way to articulate it, they would tell you, “Loosen up.” You don’t need to be so neat and orderly.” Why are they itching to tell you this? Because your level of organization makes them feel inadequate.

Be Like Me, I’ll Feel Better

Much like the lady at the social gathering, who told me ‘what I needed,’ some people in your immediate environment, in observing your capacity for taking charge of your space, and perhaps noting your higher-than-average level of productivity, would rather that you acted and proceeded in a different way. You might not hear that from them, but that is some might be thinking.

Beware of those people who so conveniently assess what you need, while completely missing the boat about their own needs. They fail to realize that what they’re telling you, is probably what they need to address for themselves.

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Business

Micro-tasking for Effective Performance

Professionals who can micro-task are in demand while those who multitask often do a disservice

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Much as been discussed about multitasking and fortunately, much of what has been written exposes the myth that multitasking represents. Instead of making us more productive and having a greater output, we tend to slow down on the very things that were trying to speed up on, and we end up making more errors.

Micro-tasking, by contrast, is the ability to compartmentalize and to focus in quick, short intervals on a variety of items that compete for attention. This is a vital skill for career professionals. While micro-tasking is effective for quick decisions, and for handling routine and short term tasks term nature, multitasking is the attempt to handle two or more important tasks at the same time. It is not to be confused with micro-tasking.

A Skill to Cultivate

Some workers have little choice in the short run but to work in a distracting, noisy environment. Some employees, in particular, were retained to be able to quickly shift their attention from one issue to another, focusing on each issue as needed.

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In an interruption-based environment, such as a hospital, police station, retail store, or airline ticket counter, the ability to micro-task is a valuable skill.

Throughout the course of a day, a manager in such settings might encounter a variety of people asking questions and voicing concerns. For sale managers micro-tasking can make all the difference in making quota or not.

Slow Down!

Tasks that require our sharp attention necessitate that we slow down, focus, keep interruptions at bay, and work as effectively as we can, toward completion. Handling two tasks simultaneously, each of which require sharp attention, is a prescription for poor results.

Professionals who can micro-task are in demand. Others, who engage in multitasking, often are doing themselves as well as their organizations, a disservice.

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