Would be great to hear Harley’s view on PFOF and if he thinks that the practice will end up getting banned? If I understood correctly one other portfolio company of LL has PFOF as one of the revenue streams. Would be interesting to hear your thoughts on this.
If possible separate the discussion into US and Europe
What’s your view on FT’s competitive landscape in Europe?
How do you attract customers in the biggest markets in Europe when an extremely well funded German competitor offers trades of any size at a cost of 1eur with mostly similar product.
Have you and Adam benchmarked the value proposition of FT to what’s already offered in Europe by the competitors? What was the result?
How happy are you with FT’s execution post series B (roadmap delivery)?
What are the FT’s biggest strength and biggest weakness at the moment as a business?
What will convince you to invest in FT’s series C?
Oof - these questions are all pretty hardcore so far! Give them a break, ask them what their favourite breakfast cereal is or something! Anyway…
Hi Harley. Professor Scott Galloway has spoken numerous times about a whole generation working in finance for the last decade who may never have experienced a proper crash or bear market and have only really had to deal with stagnation and/or a tech bubble that felt like it was going to grow forever. I can’t work out your age (without cutting you in half and counting the rings) so I’m not sure if you were active in the workplace in 2008.
Do you share Galloway’s concerns and, if this is your first downward rodeo, how are you trying to keep a positive outlook especially when you’re investing in pre IPO companies which have a high failure rate even at the best of times?
Adam, given the dramatic shift in global outlook, significant material uncertainty and what looks to be a challenging operating environment over the next 12-18 months, where do you see the biggest hurdles to execution of the strategy, and how do you envisage overcoming these? (to the extent you can share)?
Harley, related question on outlook; we’ve seen a dramatic correction in public market valuations for tech and tech enabled FS firms, and to some degree we’ve seen this cascade into private space, yet there’s a widely held view that we’ve got a lot further to go before current valuations reflect ‘reality’. I would love to hear your perspective on this and how this translates to the house view on of exits and acquisitions.
Finally, for both: following on from @CashCow excellent q on breakfast cereal: lucky charms or fruit loops?
Do you think the current pricing model of Freetrade e.g., free, standard, plus with current growth trajectories will result in a net profit for Freetrade? Or do you feel restricting the free (GIA account) so early on in the growth phase was a bad move?
Speaking from personal experience, I (standard) still use Freetrade. 4 people I recommended (GIA account) closed their accounts after the recent pricing model change and moved elsewhere.
How do you separate the performance of a business and the valuation? Milestones are normally used to assess the valuation but when the market takes a tumble it would be good to hear how you adjust your thinking.
Can you talk a little about how what you feel you’re able to bring to Freetrade?
How important is it for You / Left Lane to lead an investment round?