I have a small hobby portfolio—just three stocks I hold because I like what they’re doing, not because I’m trying to beat the market or anything. Robinhood, Duolingo, and Peloton.
They’re in completely different industries, but they share one thing: they all make something that used to be exclusive way more accessible.
Robinhood makes finance accessible. No commissions, no minimum balance. Just download an app and you can start investing.
Duolingo makes education accessible. Learning a language used to mean expensive courses or university classes. Now it’s free on your phone.
Peloton makes fitness accessible. Boutique spin classes used to cost $35+ per session in major cities. Now you can get that experience at home.
That’s the pattern I’m betting on. Companies that tear down gates and let more people in.
Why I Like the ACCESS Thesis
I’m drawn to this idea because I’ve lived it.
I used to do SoulCycle when I lived in the city. It was great—the energy, the instructors, the whole experience. But at $35+ per class, it added up fast. Now I’m in the suburbs, more cost-conscious, with different priorities. But I can still get that same high-intensity spin workout at home with Peloton. Same energy, same quality instructors, fraction of the cost over time.
That’s what access looks like. It’s not about making things cheap. It’s about removing the barriers that kept you out before.
I also use Robinhood for my investing. And honestly, they’ve built features that traditional brokerages still don’t have. Direct IPO access, for example—I can participate in IPO listings that used to be reserved for institutional investors or high-net-worth clients. That’s a big deal. It’s not just commission-free trading. It’s opening doors that were previously locked.
On the Peloton front, I’m even kind of hoping they merge with Tonal (the strength training platform). They talked about it in 2022 but couldn’t agree on price. Then Peloton canceled their own strength device project, which got people speculating about a partnership again. If it happened, you’d have cardio and strength in one ecosystem. That would be the full vision of accessible, high-quality fitness at home.
But here’s the thing: access isn’t always good. Especially when it comes to Robinhood.
The Robinhood Problem
Robinhood didn’t just make investing accessible. It made investing feel like a game.
And I don’t mean that metaphorically. The company literally added game-like features: confetti animations when you trade, lottery-style rewards, “popular stocks” lists, push notifications nudging you to trade more, even a tapping game. Massachusetts regulators went after them for it. After three years of litigation, Robinhood paid a $7.5 million fine and had to overhaul these features.
Then earlier this year, FINRA hit them with a $29.75 million penalty for failures during the meme-stock frenzy. That included $3.75 million in restitution to customers who got hurt.
The criticism makes sense: “Gamification can democratize investing by making financial apps intuitive and engaging, but it also encourages excessive trading and risk taking, particularly among younger and less experienced investors.”
Access is great. But turning investing into a dopamine slot machine? That’s a problem.
The GameStop Thing
Remember January 2021? GameStop stock shot up to $483—30 times what it was worth at the start of the month. Retail traders on Reddit were taking on hedge funds. It felt like the little guys were finally winning.
Then Robinhood restricted trading. Just shut it down.
They said they had to—they faced a $3 billion collateral problem with clearing houses. Maybe that’s true. But to everyone who believed Robinhood was about democratizing finance, it felt like the access only worked until it didn’t benefit the company anymore.
The Bigger Risks
Stanford researchers point out that “the democratization of private equity could create a systemic risk machine.” Retail investors don’t have the same analytical resources as institutions. They’re more exposed to complex risks they might not fully understand.
Some data that’s a bit concerning:
- Individual traders now make up 21% of total equity trading volume
- 61% of S&P 500 options activity is in zero-day-to-expiration contracts
That’s not long-term investing. That’s speculation.
And there’s evidence of a two-tiered marketplace where retail investors get sold lower-quality products compared to institutional clients. Democratization can become a way to push risk onto people who can least afford it.
Why I Still Hold These Stocks
I’m not selling. I still believe in the thesis.
But I’m clear-eyed about it. Duolingo and Peloton seem pretty straightforward—they give you access to something valuable without manipulating your behavior. Robinhood is more complicated. They’ve been fined, regulated, forced to change. The company is still standing, but it’s been checked.
The question is whether they learned the lesson. Access is powerful. But with great access comes great peril—especially when you’re dealing with people’s money.
I’m betting they figure it out. But I’m watching.