Animal Spirits Podcast: "Talk Your Book: How Public’s Winning the Great Wealth Transfer" Summary

Released: July 5, 2025

Hosts: Michael Batnik & Ben Carlson
Guest: Life Abraham, Co-Founder of Public

1. Introduction and Guest Background

The episode opens with hosts Michael Batnik and Ben Carlson introducing their guest, Life Abraham, the co-founder of Public, a modern investing app tailored for millennials navigating the great wealth transfer. Life Abraham elaborates on Public's mission to redefine serious investing for the younger generation, emphasizing its departure from traditional platforms like Robinhood.

Life Abraham [00:28]: "Public is building more of a traditional but tech-powered custodian where it feels very similar to, I guess, you know, Lifekeset. He views more. His competitor is not, not really Robin, but more of a, more of a Schwab and Fidelity."

2. Public vs. Robinhood: Differentiating in the Brokerage Space

A significant portion of the discussion centers on how Public differentiates itself from established players like Robinhood. While Robinhood excels in providing frictionless, straightforward trading, Public aims to offer a more comprehensive investing experience akin to legacy firms but with modern technological enhancements.

Life Abraham [02:09]: "And Public is building more of a traditional but tech-powered custodian where it feels very similar to... Schwab and Fidelity."

3. Understanding the Average Public Investor: Demographics and Behaviors

Ben Carlson provides an in-depth look into Public's user base, highlighting an average age of 38 years, predominantly millennials. These investors are characterized by a buy-and-hold strategy, continuous portfolio contributions from regular paychecks, and a tendency towards specific stock selections alongside ETF investments.

Ben Carlson [05:46]: "The average public investor is like a buy and hold investor who basically keeps compounding their portfolio also just through the paychecks they're getting on bi regular monthly basis."

4. Competition in the Brokerage Industry: Positioning Against Giants

The conversation shifts to the competitive landscape, with Public primarily positioning itself against heavyweight firms like Schwab and Fidelity rather than peer-to-peer trading platforms like Robinhood. Public's strategy involves attracting customers from these traditional firms by offering superior technology and user experience.

Ben Carlson [31:58]: "When we look at our competition, we much more look at like Schwab Fidelity, you know, Vanguard to a certain extent."

5. Platform Features: Customization, AI Integration, and Multi-Asset Investing

Public is pioneering in providing customizable investment tools powered by artificial intelligence. Ben Carlson discusses initiatives like generatedassets.com, allowing users to create custom indices through simple prompts. Additionally, Public emphasizes multi-asset investing and enhancing the mobile experience with real-time market insights.

Ben Carlson [14:10]: "We recently launched this thing called generatedassets.com, which currently lives as an own site. But we can essentially turn any idea that you have in form of a prompt, into an investable index."

6. The Role of AI in Investing and Financial Advice

AI emerges as a transformative force in the investment landscape. The hosts and guest explore how AI tools can democratize portfolio management, reduce reliance on traditional financial advisors, and cater to a more financially literate generation that demands transparency and control over their investments.

Ben Carlson [18:22]: "I do believe it's also going to disrupt financial advisors to some extent."

7. Alternative Investments and Tokenization: Opportunities and Challenges

The discussion delves into alternative investments, including tokenized assets like private shares and collectibles. While Public has experimented with tokenization, challenges such as liquidity constraints and regulatory hurdles make widespread adoption difficult. Ben Carlson expresses skepticism about the current tokenization trends, citing inflated valuations and limited liquidity.

Ben Carlson [27:42]: "Not today. I think there's, it's. Yeah, I feel like there's more to figure out."

8. Future Expansion and Services of Public

Public plans to expand its offerings beyond traditional investing tools without straying into full-scale banking services. Future initiatives include providing credit lines backed by users' investment portfolios and potentially developing credit card services tailored to investors' needs.

Ben Carlson [29:59]: "We're working on things like credit line around your portfolio... We're not going to become like our plans are to be like the MONEY super app tomorrow."

9. Reflections on Running a Fast-Growing Fintech Company

Ben Carlson shares insights into the challenges of leading a rapidly expanding company, emphasizing the importance of focus. In the face of numerous opportunities and potential distractions, maintaining a clear vision and prioritizing core competencies is paramount.

Ben Carlson [33:38]: "Focus equals sacrifice. Focus is not doing the things you wouldn't do anyway."

10. Conclusion and Resources

The episode wraps up with the hosts encouraging listeners to explore Public's platform for a modern, tech-driven investing experience. They highlight Public's concierge services for high-net-worth individuals and tease upcoming features like generatedassets.com integration within the app.

Ben Carlson [35:20]: "You got to send them to public.com and then also we have a great concierge service... All that stuff is going to live within the public app very soon too."

Key Takeaways:

• Public's Differentiation: Positioned as a modern alternative to traditional brokerage firms, offering enhanced customization and AI-driven tools.

• User Demographics: Primarily millennials with a focus on long-term, buy-and-hold investment strategies.

• AI Integration: Empowering users to create personalized investment strategies and potentially reducing dependence on traditional financial advisors.

• Challenges in Tokenization: While exploring alternative investments, liquidity and regulatory issues persist, limiting broad adoption.

• Future Plans: Expansion into portfolio-backed credit lines and selective financial services without overshadowing its core investment platform.

Notable Quotes:

• Life Abraham [02:09]: "Public is building more of a traditional but tech-powered custodian... similar to Schwab and Fidelity."

• Ben Carlson [14:10]: "Turn any idea that you have in form of a prompt, into an investable index."

• Ben Carlson [31:58]: "We're stealing assets from Schwab and Fidelity rather than Robinhood."

• Ben Carlson [33:38]: "Focus equals sacrifice. Focus is not doing the things you wouldn't do anyway."

For more information, visit public.com.