Robinhood Markets（NASDAQ：HOOD）的回調是否有機會，還是突出了潛在的風險？

折扣經紀人Robinhood Markets（NASDAQ：HOOD）已迅速確立了經紀行業的重要力量。

Discount broker Robinhood Markets(NASDAQ: HOOD) has quickly established itself as an important force in the brokerage industry. Offering free trades, for example, led to a massive change in the way brokers competed on cost. The stock has been getting investor attention lately, and it more than doubled over the past year, even after a large pullback during the market swoon.

折扣經紀人Robinhood Markets（NASDAQ：HOOD）已迅速確立了經紀行業的重要力量。例如，提供自由交易，導致經紀人的成本競爭方式發生了巨大變化。該股票最近引起了投資者的關注，即使在市場陷入困境中，它在過去的一年中也增加了一倍以上。

Is that pullback an opportunity, or does it highlight a potential risk with Robinhood?

這是機會，還是突出了洛里加尼的潛在風險？

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現在在哪裡投資1,000美元：我們的分析團隊剛剛透露了他們認為現在要購買的10種最佳股票。了解更多 ”

What does Robinhood do?

Robinhood做什麼？

From a big-picture perspective, Robinhood is a discount broker. But it is more than that and has done an impressive job of expanding its reach. Robinhood now offers users stock, options, and cryptocurrency trading, select banking services, prediction markets trading, retirement investing, and more. In the fourth quarter of 2024, the company's assets under custody rose 88% year over year to $193 billion. There were multiple drivers of this. One was new deposits, and the other an even bigger one, was the increase in the value of the securities its customers own.

從大圖的角度來看，Robinhood是一個折扣經紀人。但這不僅僅是這樣，而且在擴大其影響範圍方面做得非常出色。 Robinhood現在為用戶提供股票，期權和加密貨幣交易，精選的銀行服務，預測市場交易，退休投資等。在2024年的第四季度，該公司的拘留資產同比增長了88％，達到了1930億美元。有多個驅動力。一個是新的存款，另一個是更大的存款，是其客戶擁有的證券價值的增加。

That's great, but there's one more number here that has to be kept in mind. The average customer account size was just $7,700. That's not a very big number, but it makes logical sense. Robinhood is an attractive option for investors who are relatively new to investing. However, it is important to note that the company didn't actually hold its initial public offering until after the bear market and recession brought on by the coronavirus pandemic.

太好了，但是這裡還有一個數字必須牢記。平均客戶帳戶規模僅為$ 7,700。這不是一個很大的數字，但這是合乎邏輯的。對於相對較新投資的投資者來說，Robinhood是一個有吸引力的選擇。但是，重要的是要注意，直到熊病毒大流行帶來的熊市和經濟衰退之後，該公司實際上才真正舉行首次公開​​募股。

These two facts are noteworthy, and you need to keep them both in mind as you assess the stock. The reason for that is the fact that Wall Street has a very short memory. The big news right now is that Robinhood had a really good year in 2024. Revenue increased 58%, and earnings per share came in at $1.56, up from a loss of $0.61 in 2023. The company is doing great right now.

這兩個事實值得注意，當您評估股票時，您需要牢記它們倆。原因是華爾街的記憶很短。目前的最大新聞是，羅比林（Robinhood）在2024年的一年非常好。收入增長了58％，每股收益為1.56美元，高於2023年0.61美元的虧損。該公司目前的表現不錯。

What happens when adversity comes around

逆境出現時會發生什麼

Robinhood has achieved great success, and it has opened up the world of investing to a new cohort of people who previously weren't investors. But it hasn't lived through a really bad market as a public company yet. So, Wall Street has no way of knowing what will happen when, not if, there is a deep downturn. The market correction in early 2025 is nothing compared to, say, the Great Recession, which had investors worried that the entire financial system would collapse.

Robinhood取得了巨大的成功，它為一群以前不是投資者的人開放了投資的世界。但是，它還沒有作為一家上市公司生活在一個非常糟糕的市場上。因此，華爾街沒有辦法知道會發生什麼，而沒有，如果沒有，那是一個深層的衰退。與大蕭條相比，2025年初的市場糾正措施沒有什麼比大蕭條相比，這讓投資者擔心整個金融體系會崩潰。

Discount broker Charles Schwab(NYSE: SCHW) did live through that period. Its revenue and earnings both took a notable hit, which makes complete sense. The same is highly likely to happen to Robinhood when it faces similar adversity. However, there are some differences between these two companies.

折扣經紀人查爾斯·施瓦布（Charles Schwab）（紐約證券交易所：SCHW）確實在那個時期居住。它的收入和收入都引人注目，這完全有道理。當它面臨類似的逆境時，很有可能發生這種情況。但是，這兩家公司之間存在一些差異。

Data by YCharts.

YCHARTS的數據。

First off, Robinhood's stock has risen sharply, as noted above. That has pushed its valuation to a worrying level. To put some numbers on that, the company's price-to-earnings ratio is around 28.5 times today versus roughly 22.5 times for Schwab. Investors are placing a premium price on Robinhood, likely because of its strong growth as a business.

首先，Robinhood的股票急劇上漲，如上所述。這將其估值提升到了令人擔憂的水平。為了提出一些數字，今天公司的市盈率約為28.5倍，而Schwab的價格約為22.5倍。投資者將高價價格推向了羅比尼，這很可能是因為它作為一家業務的強勁增長。

Data by YCharts.

YCHARTS的數據。

But at the same time, investors are clearly worried about what might happen if the market goes south. As the chart above highlights, Robinhood has lost 30% of its value so far in 2025, most of which was lost during the correction, while Schwab is down less than 5%. The big question mark is likely the issue of what new investors will do when the market stops going up and starts going down in an ugly and frightening way. Note the change in Schwab's revenue in the chart highlighting the Great Recession period, which was partly driven by investors shocked by the market's performance.

但是與此同時，投資者顯然擔心市場可能會發生什麼。正如上面的突出顯示的那樣，迄今為止，Robinhood在2025年損失了其價值的30％，其中大部分在校正期間丟失了，而Schwab的下降小於5％。最大的問號很可能是當市場停止上升並以醜陋而令人恐懼的方式下降時，新投資者將做什麼。請注意，施瓦布（Schwab）在圖表中的收入的變化突出了大衰退時期，這部分是由於市場表現震驚的投資者所驅動的。

Only the investors that Schwab had on its books at that point were likely more seasoned than the ones that Robinhood has today. With an average account size of just $7,700, it seems likely that Robinhood investors are young and relatively inexperienced investors. A deep bear market could result in many of them exiting the market, perhaps for good.

只有施瓦布（Schwab）當時讀書的投資者可能比羅伯丁（Robinhood）的投資者更經過調味。平均帳戶規模僅為7,700美元，Robinhood Investors似乎是年輕且相對不經驗的投資者。深熊市可能會導致許多人離開市場，也許是永遠的。

Robinhood is not for the faint of heart

羅賓力不是為了膽小的人

There's no question that Robinhood has helped change the brokerage business. And it has opened up investing to many new people. However, having not lived through a difficult market as a public company, Robinhood as an investment comes with an elevated level of risk. Not only is it relatively expensive compared to one of the most prominent and successful discount brokers, but new to investing, Robinhood customers could find that a bear market

毫無疑問，Robinhood幫助改變了經紀業務。它已經向許多新朋友開放了投資。但是，作為一家上市公司，Robinhood並沒有在艱難的市場中生活，因此作為一項投資的風險升高。與最傑出和最成功的折扣經紀人之一相比，它不僅相對昂貴，而且投資新手，Robinhood客戶可以發現熊市市場