The Howard Lindzon Show: The Robinhood Crash, Robinhood vs Schwab: The Market Cap Gap and The Degenerate Economy Update

Good morning…

After a few weeks on the road, I am back with another episode of The Howard Lindzon Show with Michelle Steele.

I start with an update on the Degenerate Economy Index which has struggled of late due to the oversupply of degeneracy. The demand has to catch up.

Michele takes me straight into the center of the ‘degenerate economy’ storm: Robinhood $HOOD ( ▼ 8.41% ) . We break down what the market is missing: not just the fundamentals, but the psychology.

We dig into their earnings, the crypto narrative, why I personally discounts crypto’s importance, and what actually matters long-term: accounts, assets, and product execution. Finally, I frame the long game with context: $HOOD ( ▼ 8.41% ) vs $SCHW ( ▼ 1.92% ) (Schwab) by market cap, what retail missed in the private-to-public era, and why I watch the valuation gap as a signal for opportunity. You can skip to specific sections of the show as always (see below):

JUMP TO THE GOOD STUFF:

• (0:00) Welcome back + my travel recap

• (1:18) Degenerate economy index update: oversupply + why it’s struggling

• (2:46) De-globalization playbook + rotation vs withdrawal (metals, defense, hard assets)

• (6:09) $HOOD ( ▼ 8.41% ) setup: poster child of degeneracy + under-the-hood after earnings

• (8:24) Sentiment whiplash: “Vlad should go to jail” → “Vlad genius” and why the mob turns

• (12:23) Competition + oversupply: brokerages everywhere, good news baked in, why bulls aren’t shaken

• (15:23) Crypto narrative: too much carry, volatility, and why “buy when crypto’s in the toilet”

• (18:01) International strategy + Alpaca/rails thesis (country-by-country vs planting flags)

• (23:47) Long game: Devin Ryan’s view, $HOOD ( ▼ 8.41% ) vs $SCHD ( ▼ 0.19% ) market-cap context, buying the gap

• (28:52) Prediction markets + Super Bowl example, degenerate tools, wrap + goodbye