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    James Yaro • Goldman Sachs

    James Yaro's questions to Robinhood Markets Inc (HOOD) leadership

    James Yaro's questions to Robinhood Markets Inc (HOOD) leadership • Q1 2025

    Question

    James Yaro from Goldman Sachs asked a long-term question about the crypto ecosystem, inquiring about the expected role of U.S. banks and the potential impact on competition and pricing.

    Answer

    CEO Vladimir Tenev expressed confidence in Robinhood's positioning, viewing crypto as a foundational technology that can improve a wide variety of financial services beyond just trading. CFO Jason Warnick added that more competitors entering the space makes crypto more mainstream, which grows the overall market, and he noted that Robinhood has demonstrated an ability to take market share within that growing market.

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    James Yaro's questions to Perella Weinberg Partners (PWP) leadership

    James Yaro's questions to Perella Weinberg Partners (PWP) leadership • Q4 2024

    Question

    James Yaro from Goldman Sachs asked about the impact of higher interest rates on sponsor-led M&A, the outlook for the restructuring business, and the potential for further improvement in the firm's compensation ratio.

    Answer

    CEO Andrew Bednar stated that sponsor M&A activity can proceed in a higher-rate environment but expects a 'slower grind up' as sponsors focus on monetizing existing assets. He expressed strong optimism for the restructuring business, which has broadened into complex financing solutions. Regarding the comp ratio, he reiterated the firm's commitment to its mid-60s target and expects to gain leverage as the business scales, but did not provide a specific 2025 forecast.

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