Robinhood Head of Investment Strategy Stephanie Guild Talks European Equities

Summary

Podcast Summary: Bloomberg Talks

Episode: Robinhood Head of Investment Strategy Stephanie Guild Talks European Equities
Date: January 26, 2026
Host: Bloomberg
Guest: Stephanie Guild, Chief Investment Officer at Robinhood Markets

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Overview

This episode focuses on a surge in demand for European equity Exchange Traded Products (ETPs), reflecting global trends and investor behaviors over the previous year. Bloomberg interviews Stephanie Guild from Robinhood to explore how these trends compare with activity on the Robinhood platform, delving into U.S. retail investor preferences, generational investing mindsets, and current market trade insights.

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Key Discussion Points and Insights

1. Massive Inflows Into European Equity ETPs

• Context: BlackRock's Ursula Marchioni highlights a dramatic increase in European equity inflows, likening it to "a decade in a year" ([00:00]–[00:59]).
  • Quote: “We’ve seen last year the great repatriation trade, with nearly $92 billion of flows going back into European equities ETPs ... it’s basically a decade in a year.” — Ursula Marchioni, BlackRock ([00:25])
• This prompts the question: Is Robinhood seeing similar investor enthusiasm for international assets?

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2. U.S. Investors’ Focus Remains Domestic

• Stephanie Guild reports that Robinhood’s U.S. customer base continues to favor domestic equities, particularly technology and AI ([01:21]–[01:41]).
  • Quote: “We haven’t actually seen a ton of international take up at least here in the U.S. … it’s been a very U.S.-focused, you know, AI and lots of other investing themes.” — Stephanie Guild ([01:21])
• The only modest exception: slight interest in Chinese tech names like Alibaba ("Baba").

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3. Reasons Behind the Domestic Bias

• Guild attributes the U.S.-centric behavior to customer familiarity and a long-term mindset:

  • Quote: “I think our customers take sort of a long term view and they like to invest in things that they know and understand … they feel that they know and understand, you know, tech and can understand kind of the long term secular growth trends that can come from parts of tech and are willing to take that risk.” — Stephanie Guild ([01:43])

• Demographics also play a role: Many Robinhood users have only seen U.S. markets, and particularly tech/growth stocks, outperform ([02:13]).

  • Quote: “Could be absolutely part of that. I mean, it’s the same kind of thing as, like, you know, has the generation ever seen value outperform growth?” — Stephanie Guild ([02:26])

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4. Real-World Investor Anecdotes

• The conversation highlights an example of an investor who eschewed the broad market for concentrated bets on big tech, outperforming traditional strategies ([02:36]).
  • Memorable Moment: A story is shared about a dinner conversation with an entrepreneur-turned-investor who “doubled down on those big tech names and ... outperformed the market” ([02:36]).

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5. Current Trends Emerging on Robinhood

• The conversation turns to current net buys/sells for major tech names on Robinhood ([03:42]–[04:06]):
  • Recent net buys: Meta, Microsoft
  • Recent net sells: Nvidia, AMD, CoreWeave (though CoreWeave is rallying)
  • Increasing interest in software companies after a “deep sell-off”
  • Surge in Netflix buying, potentially tied to recent news events ([04:06])
    • Quote: “You saw below those top names a number of software companies starting to come into the net buy side ... And then more recently, just like in the last day, we’ve seen some Netflix buying as well.” — Stephanie Guild ([04:06])
• The hosts speculate about the influence of a recent Netflix stunt on trading activity ([04:36]).

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6. The Broader Market Outlook

• Guild comments on tech’s centrality post-COVID and hints at evolving opportunities as market conditions (like higher interest rates) shift, and policy incentives work through the system ([03:10]–[03:42]):
  • Quote: “Covid’s kind of brought tech right into front and center and the need for it. But ... you can start to see other things do well ... especially with some of the incentives from the one big beautiful bill.” — Stephanie Guild ([03:10])

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Notable Quotes and Timestamps

• “We’ve seen last year the great repatriation trade ... it’s basically a decade in a year.” — Ursula Marchioni ([00:25])
• “We haven’t actually seen a ton of international take up at least here in the U.S. … it’s been a very U.S.-focused, you know, AI and lots of other investing themes.” — Stephanie Guild ([01:21])
• “I think our customers take sort of a long term view and they like to invest in things that they know and understand … they feel that they know and understand, you know, tech and can understand kind of the long term secular growth trends that can come from parts of tech and are willing to take that risk.” — Stephanie Guild ([01:43])
• “…you saw below those top names a number of software companies starting to come into the net buy side ... we’ve seen some Netflix buying as well.” — Stephanie Guild ([04:06])

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Important Segment Timestamps

• 00:00 – BlackRock’s Ursula Marchioni on European equity inflows
• 01:21 – Stephanie Guild on Robinhood’s U.S. focus
• 01:43 – Why Robinhood customers prefer domestic tech names
• 02:26 – Generational perspective on value vs. growth outperformance
• 02:36 – Anecdote about real-world tech investing
• 03:42 – Current trending trades on Robinhood
• 04:06 – Software and Netflix net buys

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Conclusion

The episode highlights the gap between global institutional flows and U.S. retail trading preferences. While European equities saw historic inflows in 2025, Robinhood users largely stayed focused on familiar U.S. tech names, resisting the call to diversify internationally. Stephanie Guild suggests this is grounded in demographics, experience with market outperformance, and a tendency to invest in what feels understandable—especially in technology. Market shifts and policy changes might nudge investors to look more broadly in the future, but for now, the U.S. tech story remains dominant on Robinhood’s platform.

Transcript

[Interviewer]

All right, let's get to the trade today. This as demand for exchange traded products focused on European equities was so strong last year in 2025 that they attracted a decade in a year of inflows. That's according to BlackRock's Ursula Marchioni, head of investment and portfolio solutions for EMEA at the world's largest asset manager. She caught up interview with Bloomberg TV this morning over with our European colleagues.

[Ursula Marchioni]

Check it out from investors with historical own bias towards Europe that has to be rectified. But then on the flip side from a more tactical perspective there is this desire to diversify and remain exposed to the trade and to the US but with some form of protection. And so we've seen last year the great repatriation trade with nearly 92 billion of flows going back into European equities ETPs. If you compare it to the period 2014 to 2020. 2024, that was 94. So it's basically a decade in a year.

[Bloomberg Host]

It's pretty remarkable. A decade in a year. BlackRock's Ursula Marchioni, head of investment portfolio solutions for EMEA. Let's get to the trade and today's trade and what she's seeing on the Robinhood platform. Stephanie Guild is with us Chief Investment Officer at Robinhood Markets. Did that resonate with what you're seeing on the Robinhood platform or is that completely different than what you're seeing on the platform?

[Stephanie Guild]

We, yeah, we haven't actually seen a ton of international take up at least here in the U.S. we, you've seen a little bit in the Chinese tech aspect like in names like Baba, but largely it's been a very U.S. focused, you know, AI and lots of other investing themes focused over the last year.

[Bloomberg Host]

Why do you think that is?

[Stephanie Guild]

I think our customers take sort of a long term view and they like to invest in things that they know and understand really no different than, you know, past generations. And I think they feel that they know and understand, you know, tech and can understand kind of the long term secular growth trends that can come from parts of tech and are willing to take that risk. You know, even if it's in the space like quantum computing, which is still, you know, in sort of discovery phase.

[Interviewer]

Do you think that has to do with some of who are actually on your platform? In other words, the demographics that I think, you know, I don't know, maybe.

[Bloomberg Host]

They'Ve only seen US equities outperform. Right, like exactly. That's not the world that you lived in for much.

[Stephanie Guild]

Yeah, right. Could be absolutely part of that. I mean it's the same kind of thing as like, you know, has the generation ever seen value outperform growth?

[Interviewer]

Exactly.

[Stephanie Guild]

Here in the US it's so funny.

[Interviewer]

That you say that. I on Friday was at a big dinner and was talking with someone who has started companies, sold them, now investing their own money and just talked about some of the big wealth managers who come to him and say you should be buying the market, you know, and paying me a fee for doing that and so on and so forth. And he's like, you know what? I haven't bought the market. I've actually doubled down on those big tech names and have outperformed the market. Even though if you think about the last few years, people keep saying oh back off some of these, you know, it's time to diversify. You know what if you didn't, you did really well and especially if you played on those Mag 7 names.

[Stephanie Guild]

Yeah, I think, I do think it's shifting now. Like I, I'm sort of a student of, of looking at the market and saying that once you had sort of a post Covid world. I do think the fact that we have interest rates has, has shifted what is possible and can outperform and there is, you know, Covid's kind of brought tech right into front and center and the need for it. But I think as more time goes on and especially with some of the incentives from the one big beautiful bill and other that I think it that you can start to see other things.

[Interviewer]

Do well and yet the net buys on your platform. Right Metta, Microsoft. I'm thinking about we're going to have what for the Mag7 reporting this week alone, including these two names, net sells, Nvidia, AMD and Core Weave. Which is interesting because Core Weave rallying in today's session. But that's what you've seen thanks to.

[Bloomberg Host]

It in video investment.

[Interviewer]

Right? Right. Yeah.

[Stephanie Guild]

And that's over the last week. So it does shift. What was also interesting over the last week is that I saw and you kind of saw this news all across the platform, but you saw below those top names a number of software companies starting to come into the net buy side. So taking advantage of the pretty deep sell off in that space. And then more recently, just like in the last day, we've seen some Netflix buying as well.

[Bloomberg Host]

Was that because of the Alex Honnold stunt over the weekend? Just 30 seconds maybe.

[Stephanie Guild]

You know, obviously there's a lot of drama with Netflix right now.

[Bloomberg Host]

Yeah, there is. You know that's been. It's been beat up ever since the announcement that they're going after Warner Brothers Discoveries Assets. So investors don't love it, but they keep. They keep steady when, hey, we want those assets and we'll pay.

[Stephanie Guild]

They still have a solid business underneath it.

[Bloomberg Host]

It's pretty. Yeah, that's a good point. All right.

[Interviewer]

Good stuff.

[Bloomberg Host]

Stephanie, good to see you, as always. Appreciate your time.

[Interviewer]

Come back soon. Come back soon. Love talking with her. She is chief investment officer over at Robinhood Markets.