Robinhood Markets（NASDAQ：HOOD）的回调是否有机会，还是突出了潜在的风险？

折扣经纪人Robinhood Markets（NASDAQ：HOOD）已迅速确立了经纪行业的重要力量。

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.

折扣经纪人Robinhood Markets（NASDAQ：HOOD）已迅速确立了经纪行业的重要力量。例如，提供自由交易，导致经纪人的成本竞争方式发生了巨大变化。该股票最近引起了投资者的关注，即使在市场陷入困境中，它在过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?

这是机会，还是突出了洛里加尼的潜在风险？

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现在在哪里投资1,000美元：我们的分析团队刚刚透露了他们认为现在要购买的10种最佳股票。了解更多 ”

What does Robinhood do?

Robinhood做什么？

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.

从大图的角度来看，Robinhood是一个折扣经纪人。但这不仅仅是这样，而且在扩大其影响范围方面做得非常出色。 Robinhood现在为用户提供股票，期权和加密货币交易，精选的银行服务，预测市场交易，退休投资等。在2024年的第四季度，该公司的拘留资产同比增长了88％，达到了1930亿美元。有多个驱动力。一个是新的存款，另一个是更大的存款，是其客户拥有的证券价值的增加。

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，但是这里还有一个数字必须牢记。平均客户帐户规模仅为$ 7,700。这不是一个很大的数字，但这是合乎逻辑的。对于相对较新投资的投资者来说，Robinhood是一个有吸引力的选择。但是，重要的是要注意，直到熊病毒大流行带来的熊市和经济衰退之后，该公司实际上才真正举行首次公开​​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.

这两个事实值得注意，当您评估股票时，您需要牢记它们俩。原因是华尔街的记忆很短。目前的最大新闻是，罗比林（Robinhood）在2024年的一年非常好。收入增长了58％，每股收益为1.56美元，高于2023年0.61美元的亏损。该公司目前的表现不错。

What happens when adversity comes around

逆境出现时会发生什么

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，它为一群以前不是投资者的人开放了投资的世界。但是，它还没有作为一家上市公司生活在一个非常糟糕的市场上。因此，华尔街没有办法知道会发生什么，而没有，如果没有，那是一个深层的衰退。与大萧条相比，2025年初的市场纠正措施没有什么比大萧条相比，这让投资者担心整个金融体系会崩溃。

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.

折扣经纪人查尔斯·施瓦布（Charles Schwab）（纽约证券交易所：SCHW）确实在那个时期居住。它的收入和收入都引人注目，这完全有道理。当它面临类似的逆境时，很有可能发生这种情况。但是，这两家公司之间存在一些差异。

Data by YCharts.

YCHARTS的数据。

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的股票急剧上涨，如上所述。这将其估值提升到了令人担忧的水平。为了提出一些数字，今天公司的市盈率约为28.5倍，而Schwab的价格约为22.5倍。投资者将高价价格推向了罗比尼，这很可能是因为它作为一家业务的强劲增长。

Data by YCharts.

YCHARTS的数据。

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.

但是与此同时，投资者显然担心市场可能会发生什么。正如上面的突出显示的那样，迄今为止，Robinhood在2025年损失了其价值的30％，其中大部分在校正期间丢失了，而Schwab的下降小于5％。最大的问号很可能是当市场停止上升并以丑陋而令人恐惧的方式下降时，新投资者将做什么。请注意，施瓦布（Schwab）在图表中的收入的变化突出了大衰退时期，这部分是由于市场表现震惊的投资者所驱动的。

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）当时读书的投资者可能比罗伯丁（Robinhood）的投资者更经过调味。平均帐户规模仅为7,700美元，Robinhood Investors似乎是年轻且相对不经验的投资者。深熊市可能会导致许多人离开市场，也许是永远的。

Robinhood is not for the faint of heart

罗宾力不是为了胆小的人

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

毫无疑问，Robinhood帮助改变了经纪业务。它已经向许多新朋友开放了投资。但是，作为一家上市公司，Robinhood并没有在艰难的市场中生活，因此作为一项投资的风险升高。与最杰出和最成功的折扣经纪人之一相比，它不仅相对昂贵，而且投资新手，Robinhood客户可以发现熊市市场