Building the First Agentic Brokerage with Leif Abraham, Co-CEO of Public

My next guest on the Fintech One-on-One Podcast is Leif Abraham, the co-CEO of Public.com. Public has been carving out a really interesting niche in the brokerage space. They’re not trying to be another discount broker competing on free stock giveaways. Instead, they’re building what Leif calls the first truly agentic brokerage, where AI agents can actually help you construct and manage your portfolio.

In this episode, we discuss Public’s decision to move away from payment for order flow and why trust and transparency are so central to their strategy. We also talk about their fascinating Generated Assets product that lets you essentially prompt your own personalized ETF, their nuanced take on prediction markets and why they’re drawing a clear line between portfolio tools and sports betting, and how AI agents are starting to take on work that has traditionally been done by financial advisors.

In this podcast you will learn:

• The opportunity that Leif saw when he started Public.
• How the dynamic works between Leif and his co-CEO, Jannick Malling.
• How he describes Public today.
• How their Generated Assets offering allows investors to create custom ETFs.
• Why their decided to move away from Payment for Order Flow.
• How they are marketing themselves directly to the consumer.
• What Leif thinks about prediction markets and how Public will offer them.
• What they are planning when it comes to AI agents for wealth management.
• How Leif views the rollover market for retirement accounts.
• Their plans for the Crypto market.
• What success will look like for Public over the next five years.

Read a transcription of our conversation below.

FINTECH ONE-ON-ONE PODCAST NO. 577: Leif Abraham

Leif Abraham

We’ve announced this end of last year, and we’re rolling this out at the end of the month, is agents to help you run your portfolio. That can be a trading strategy. Hey, buy the close and sell the open, off SPY every day with my entire buying power, don’t touch margin. And then an agent just runs that every day for you. Like that is happening right now. That is existing. And what we really see is that it helps people move up in their sophistication as investors because the platform is on the one side your sparring partner in terms of figuring things out, but it’s also your system in getting things done.

Peter Renton

This is the Fintech One-on-One podcast, the show for Fintech enthusiasts looking to better understand the leaders shaping Fintech and banking today. My name is Peter Renton and since 2013, I’ve been conducting in-depth interviews, with FinTech founders and banking executives.

My guest today is Leif Abraham, the co-CEO of Public.com. Now, Public has been carving out a really interesting niche in the brokerage space. They’re not trying to be another discount broker competing on free stock giveaways. Instead, they’re building what Leif calls the first truly agentic brokerage, where AI agents can actually help you construct and manage your portfolio.

We get into all of that in this episode, their decision to move away from payment for order flow and why trust and transparency are so central to their strategy. We also talk about their fascinating generated assets product that lets you essentially prompt your own personalized ETF. Their nuanced take on prediction markets and why they’re drawing a clear line between portfolio tools and sports betting and how AI agents are starting to take on work that has traditionally been done by financial advisors. Now, let’s get on with the show.

Welcome to the podcast life.

LA: Thanks for having me.

PR: My pleasure. So I know you’re also an immigrant to this country like me. If you could maybe start us off by giving a little bit of background about yourself, how you arrived in this country and some of the stops in your career today.

LA: Yeah. So originally German, now also American. And I moved in ‘08, literally right before the financial crisis. Like August ‘08, I landed in the US and used to be kind of like the digital guy in ad agencies for a little while and whatnot. Whenever I say this on podcasts, I’m like my tech founder credibility is immediately destroyed. It’s like having been a borderline consultant. That’s where I kind of started and then built a few companies throughout the years.

One was like a invoicing payments software for freelancers called Enco, which I sold to Fiverr, had like a side project that was called Pay with a Tweet that kind of blew up organically. And I sold to a sort of company builder, conglomerate kind of thing in Germany. And then a few other things before that as well. But those were like the core steps, I would say.

PR: So then what drew you to the investing space? What did you see as the opportunity when you launched Public?

LA: The generation of consumer fintech that we are kind of part of was very heavily about essentially the TAM expansion in the US, which lent itself to this place where financial services were essentially built to service anyone in the US, which then basically meant TAM expansion into kind of like the bottom 75 % of the US. And if you look at the US, it’s a very K-shaped economy. That’s a word that’s been floating around now even more. But it’s really the sense of the bottom 75 % of the US lives paycheck to paycheck or even credit card to credit card, as horrible as it sounds. And the top 25 % is essentially people that make more than 100 grand they are really the ones who have the ability to compound in the markets.

And if you look at that first generation of consumer FinTech, it was very much about the TAM expansion of that bottom 75%, which lend itself to a little bit of gamified finance, very mobile first experiences, like payday loans wrapped up in a cool mascot and have a nicer UI around it, active trading platforms that are a little bit more about speculation and gambling.

Now you see a lot of it with generally speaking prediction markets and sports betting and such. And we realized that the great wealth transfer as it unfolds will really unfold in the top quartile. 85 % of the great wealth transfer will be inherited by the top quartile. And so that is literally where the money is at in our space. And so we really were like, okay, everyone’s really focused on this TAM expansion, where at the time everyone was talking about democratization essentially as like the wrapper for that.

We were like, okay, can we actually build a more serious financial service that you trust with your life savings that is more like the next generation’s Schwab? And therefore focus on people that have the, even just the ability to compound in the markets because they have that wealth, which means building for the top quartile. And if you do that, you design a different product. It comes with more sophistication. It comes more with like what kind of asset classes you offer, right?

Like we were the first to fractionalize bonds, for example. And so you are really designing a different product. And so it’s really literally like a different product for a different market. So it’s a sort of a different product market fit than what really, I would say like the rest of the kind of like first generation consumer fintech kind of era was about.

PR: Okay, so it’s interesting that you founded the company with, I presume, a friend of yours, you are the co-CEO structure, the two Europeans running a US based FinTech. How do you divide responsibilities and what’s your secret to making the dynamic work between the two of you?

LA: We’re a big believer in the duos. We have co-CTOs. Our marketing team is essentially a co-duo of one who is more on the brand design side and one who’s more on the numbers acquisition in our side, but they run this together as a duo. We have like a legal compliance duo and so on. And so we very much believe in the duos and that is coming from really the sense of that I think you have better, more balanced decision making. The sense of when you have someone that views the world from the same angle as you do with the same incentives that you have potentially and so on. And that is the same for me, my co-founder Jannick. Like it helps to have very clear, balanced decision making. And that is also coming from the sense of that you just experience the world the same way. And I think that is very, very helpful.

I always say of being a single founder, it’s very, very hard. And you will need to create some sort of support network around you to have other founders you can bounce with or advise us and so on to have a more balanced decision making. Because we’re all human and there will be a day where you wake up and you’re more emotional or you’re more depressed or whatever it might be. And it helps that decisions can be made with someone that helps you vet them.

Now that doesn’t mean that every decision is made by both people. And how we do that is really is that everyone has very clear reporting lines and very clear piece of the business that they manage. And so for example, with Jannick and myself, Jannick is very deep in product and product design. Also from a personal skillset perspective, I’m very, very deep in the growth and marketing side, also from a skillset perspective. And so we have our own direct reports and therefore also our own parts of the business where we just in like the day to day, just make the calls and we trust each other that we’re making the right decisions there.

And it’s the same, for example, like our co-CTO is like one runs all front end, one runs all back end, you know? And so I think it’s still important that you have your area that you can just make your own decisions on and that you have quick, clear, direct report lines. So people don’t think like one day I’m going to decision for this guy, the other way, this guy, that doesn’t work. But as it then levels up into like the core responsibilities, for example, as CEOs that we have, the sense of that you can really make this more balanced decisions, I think is a really powerful thing.

I think in Europe, that’s happening a lot. In Germany, when you find a company in Germany that has multiple Geschäftsführer, it’s called, multiple management directors slash CEOs, that is a very normal thing, to be honest. It’s not controversial in any regards. think in the US, corporate culture-wise, I feel the playbook is that people like the idea of having this one throat to choke.

And this notion of, well, if this and this is not working, I know exactly who’s responsible for it. And so I know who to fire. And then that’s just a little bit coming from the management book for dummies perspective of that, think, just corporate culture-wise, how maybe in America, people think about it and like it. But I think it just comes from how these companies are structured. In the US, it’s very clear, you have a regular C-corp, it’s like, you have a board, the board’s responsibility is to appoint a CEO and have some oversight over that.

But then the CEO makes all the decisions. Then the board itself at that moment will likely want to have rather one throat to show up than two. And so that’s kind of where I start to trickle down. And then I think no one’s really questioning necessarily of what are the other effects there because the idea in corporate culture would be like, well, CEOs are performing, so therefore, fire CEO. That’s how you run a company, correct? Which I would argue is maybe sometimes a little bit too simplistic.

PR: Okay, so let’s just do a brief description if you would for the listeners who don’t know Public. How do you describe it? What’s the product?

LA: So we’re essentially building the first truly agentic brokerage now. And what that means is that essentially an investing platform where agents help you run your portfolio and help you construct your portfolio in the first place. That is really based on that we’ve built something that is very multi-asset. And so we started out with fractional stocks, were the first to fractionalize stocks back in the day. And then we added crypto, bonds, treasuries, options, and a bunch of other things.

And then it’s like the underlying kind of infrastructure. And then we basically build products on top of that, that help you, you know, get the most out of this kind of like multi-asset platform and like all different asset classes. And, you know, one of the main things for us is really now the way for how agents have a massive impact and helping you run your portfolio. One thing, for example, we’ve launched this generated assets. So really your ability to like prompt a new financial product, you can like prompted anything and be like, give me companies that are founder led grow more than 30 % and are known for high shipping velocity.

And then we have literally agents, whereas each agent is like an analyst for every stock in the stock market. The prompt goes out, briefs all these agents, and basically we’ll create an index out of it, tell you why a company was picked, give you a relevancy score on that, back test that against the S&P 500, returns, drawdowns, everything. And then you can invest in that, just like you would into an ETF, but it’s all built in the technology layer with the help of AI completely think of it as like a personalized ETF in a way.

And then I think it’s a good example where AI can play a massive or how AI can play a massive role in for you to, you know, find alpha on the markets and really construct your own portfolio. And there’s a lot of other things we’re launching now with agents too, in terms of workflows that we’ll talk about in a second, but there’s this like thing going around as some people talk about online of like the ETF bubble and how suddenly, we are all invested in the same ETFs in the end. We’re all invested in the same indices and therefore invested in the same companies. And it’s all kind of just like funneling each other and becomes this like, it’s like kind of loop there.

And there is really this notion of where AI has the ability to kind of break that cycle. Where we’re not just all having the same cookie cutter portfolio and we’re all just running data on the markets because we’re all just doing the same thing in the end. But where I can really help you find opportunities and try to think about the markets differently than maybe you might have before in order to kind of break out of this cookie cutter thing that everyone has now subscribed to in the last decade.

PR: I was reading that you moved away from payment for order flow, unlike some of your competitors. It was a few years ago, I think it was 2021 that I saw. I’m curious about the decision behind that and how has that sort of changed your identity, I guess as a company and your business model since then.

LA: So first off, the way we generally think about building the company is trust is one of the most important pieces as a financial services company. And the reality is we’re now six and a half years in market. And so we’re still comparably speaking a fairly young company. So if you look at that, the incumbents on average, like 65 years old in terms of the company life, they obviously have a leg up in just being around for long time.

The one thing that time does is that time creates this like assumed trust with people. And as a startup, you don’t necessarily have that. And so you have to figure out how can you build trust quicker. And I think one of the big things for us is to really lead heavily with transparency and trying to find moments as we build the company where we can prove our values and we can prove that we’re on the side of our customers and we’re not just trying to suck money out of them in any way possible against their own potential gains in the market and such.

And so we’re trying to leave a lot of transparency. And so when we went off the payment for order flow in 2021, there was always on the equity side, like for regular stock trading and options, as we do now options as well over the years, you actually can’t get out of it because the market structures are built differently.

But it’s really this notion of like, okay, so how can we make sure that people understand what our incentives are as a company? And that they’re not going against the incentives of their own investing. And that is really where those decisions kind of came from. Now over the years, more things have happened. Like by now on public, you can actually choose your own order routing. You can be like, I want to be on a P4 free order routing, or I can be on a P4 route, but therefore execute also on market makers. Like there’s a bunch of people who care about that choice as well, which also again is another way for us to have a more transparent product where you can make those choices yourself.

On options, for example, because you can’t get out of payment for order flow even in the first place, we actually have a rebate model where we pay you part of the payment for order flow that we are making as a company back to you as a user. So you buy that as you know what your percentages of that revenue share, you also then suddenly know what we make. And so there’s some transparency in the model that way. And so we’re always trying to look for what are ways for us to kind of build that trust with our customers, really driven high level from this perspective of transparency.

PR: So then, you’re a consumer facing brand these days. How are you marketing? Because you have millions of customers now. How are you acquiring customers, particularly when some of your competitors are out there making a lot more noise, shall we say?

LA: Giving you a 903 stocks, which see ourselves as like a premium software product. And so we don’t view ourselves as like a discount brokerage, for example. And, you know, pricing wise, that doesn’t mean that we’re like necessarily like more expensive area. We are not like we’re still zero commission. We literally give you rebates on options trades. And, you know, we have the best margin rate in the market and all these things.

And so we are doing some pricing here and there, but generally speaking, that is not how we think about the offering. Like we don’t start with price, we start with quality of the offering. And that really goes into the product experience, what you can do with Public, hence all the investment to all these AI products, the user experience, customer service, all these things. And like we’re really first off just building the premium offering in the market. Yeah, and that is really where we start. therefore it’s a little bit of a different game that we’re playing there.

So from a marketing perspective, the vast majority of our acquisition is organic. So basically people referring each other and coming to us because they’ve heard about us somewhere. And so we’re not necessarily, from a user acquisition perspective, play this game where we’re throwing free money at everyone to try to convince them to try us. They should try to…we want to try to convince you to try us because you’re intrigued by the great product we have and what the product can do for you in the markets and be more successful in the markets.

And that should really be the primary reason of why you’re giving public a try. And despite that, we still, you know, if you want to transfer your accounts, we’ll give you a 1 % match on your portfolio, right? And, you know, again, there’s certain pieces where we have the best rates, like we very great high cut rate, we have the best margin rate in the market, things like that. Then we do some of those things. But generally speaking, that’s not where we start. We start by quality first.

PR: Okay. So I’ve got to ask about prediction markets because it is all the rage right now. The volumes on those platforms are just skyrocketing. And it seems like, you know, the 18 to 25 year olds set, particularly the college kids are just all over these things. I have a 19 year old, so I’ve got firsthand experience from some of this. Many of these brokerages are adding prediction markets into their offering. It seems like you’re, you’re not doing that. Tell us a little about your thought process there.

PR: Now we will add prediction markets at some point, but prediction markets, aka once contracts, it’s first of an instrument. And events contracts, which is like a sort of future contract has been around for a long time. I think like beginning nineties for like weather contracts and stuff like that, you know, for commodities traders to hedge and things like that. Like events contracts are not necessarily new and has been around for a while. And now they’re essentially being a little bit like reframed and just being made more accessible. And I think the main thing is really just that the use case for events contracts is being stretched these days.

But the instrument itself, there’s nothing wrong with the instrument, right? And so the way we really think about it is that events contracts can be a powerful tool for you, but we view it as something that is related to your portfolio. And so it could be because it’s things like, you know, rate cut decisions or macro economics, you know, sometimes impacted by policies, of course, things like that.

But then, for example, also, it’s a way for you to potentially dissect companies. And a good example is that there’s a lot of companies now, we’re not just one business, they’re kind of like multiple business lines and such. If you look at Tesla, there’s a battery business, there is a car business. And so if you have a very great hand on the battery business, and how many kilowatts of battery storage they have shipped last quarter…you have a very great handle on that because you might be in the industry and you have a great forecast model on that and whatever, and you want to place a trade just on that piece of the business. An event contracts could make it possible for you to do that without being impacted, for example, by what the delivery numbers of the Model Y were last quarter, which might impact the entire stock price. But you may have not had as good of a hand in forecasting that because that’s not you’re good at, you might be good at the energy business.

So things like that we find very interesting and we find that there’s some powerful tools, especially for more sophisticated people on how they can trade in like hedge positions and all this kind of stuff. Now, there’s obviously the other aspect of the instrument is kind of being stretched, especially in sports betting, or we always talk about this thing of like betting on the outcome of Dancing with the Stars or something. And there’s a very clear sense of that, there is, you know, how it’s not really related to your portfolio. And that’s where we kind of draw the line.

PR: Right. I like that because I mean, a lot of these companies are trying to make it out as an asset class and I don’t think gambling is an asset class and I don’t think prediction markets like who’s going to win Dancing with the Stars or who’s going to win the Super Bowl. I don’t see that as an asset class either. So I agree with your take there. I think it’s a nuanced way to approach it.

LA: We hear from our customers that they don’t like the idea of having sports betting in the same app. And the thing that is this aspect of like a lot of people like sports betting and it’s fun and there’s entertainment aspect to it and whatnot. And that’s totally okay. But having that directly connected either to or next to your retirement savings and your general life savings and the portfolio you’re building up with your paycheck every month and so on, that is just, you know, it’s just like running it too close to the sun.

And we have a lot of customers who actually, tell us actively that they’re concerned about that. Like we have people who write our customer service asking us if we’re going to launch sports betting. And they’re not asking that because they’re asking for the sports betting. They’re asking it because they want to hear our stance on it.

And so there is some concern in the market around and I think especially for the types of customers that we serve, which are like the wealth builders, which are the ones who like compound their portfolios. Like, you know, it’s not just entertainment finance, it’s people that are growing the life savings with us.

PR: So we talked about your generated assets offering as a really interesting AI use case. I’m curious about how you think about AI-powered wealth management in general and how you’re thinking about the future there. Are we going to all have an AI agent that’s going to be optimizing our wealth management? I mean, what are you planning?

LA: So the answer is yes, And it will not just be one, there will be many. We’ve announced this end of last year and we’re this out at the end of the month is agents to help you run your portfolio. That can be a trading strategy. Hey, buy the close and sell the open off SPY every day with my entire buying power, don’t touch margin. And then an agent just runs that every day for you. It can be, I need to free up $100,000 for a down payment. Only sell things at all time highs and that at long-term cap gains. Don’t touch my Nvidia position. And if you can’t sell me out immediately, leave it running. And when things hit all time highs and whatnot, automatically sell me out. You know, until you have freed up $100,000 in cash.

And then it’s an agent that just runs and does it for you. And like that is working right now. Like, you know, I have this in my public app here as we speak. Right. And so like that is already, it’s not the future. Like that is happening right now, that is existing. And what we really see is that it helps people move up in their sophistication as investors because the platform is on the one side, your sparring partner in terms of figuring things out, but it’s also your assistant in getting things done.

A good example that we also always bring up is like, there’s a lot of people, for example, understand the high level concept of generating income with covered calls. And they know high level how it works and whatnot. By now reading an options contract, knowing what to pick, knowing what the income potential could be on the back of it, what happens when it’s called, all this stuff, they have no idea. And it suddenly becomes more complex and that’s where they’re stuck. And now they can talk to an agent that helps them, you know, figure out what the opportunities are. And then you can set up an agent that just executes the strategies for you.

And that is obviously super powerful and just makes those people more sophisticated suddenly, gives them the ability to be more sophisticated in how they manage their portfolio. And to your point that is directly, essentially attacking a piece that usually a wealth manager or financial advisor does for you, right? When we talk about what a financial advisor does for you, I often break it down into these three buckets. What is grunt work? Tax loss harvesting, trading strategies, you know, and that’s the stuff I just described. That’s something agents will do for you, literally now.

The second is like advice, which is essentially opinions on the back of data insights, news, market events. And then the third is emotional support. Everything is red today. Who can I call to call me off the ledge to calm me down? I feel anxiety, you know, and that is that emotional support. I actually think the emotional support side will likely be the second piece that will be easy to solve because often that emotional support piece is about being calm, it’s about giving context around what’s happening. And that is actually something that AI, think, is very good in potentially doing.

And so that, think, will be the next thing that will be attacked in terms of the value that financial advisors are offering. And I think that the middle piece is likely the hardest because it’s very subjective. What is good advice? What is bad advice? I’m sure if we would talk to five financial advisors right now, they would all tell us something different.

You know, we would then make our own decisions based off our own risk profile and like the vibes, you know, and like who seems more likable or less likable and like all these things, you know, and like how much weight we put on their opinions. Because again, advising at a moment is just opinions on the back of data and, you know, reports and such. And so I think that is going to be a little harder because then you fall into this camp of like, okay, can you test drive personalities? Who do you like more? You know, can I like try out three, four different, you know, AI agents before I pick which virtual advisor I kind of want to work with, you know, and so on. Like that becomes a very interesting exercise. But definitely I think that is actually often three pieces that is the hardest one to replace because it’s so subjective, you know, but it’s happening and it’s happening now.

PR: We are entering a new era, that is for sure. So I want to ask about rollovers because I actually, I rolled over my wife’s an old 401k she had to Public last year. I did it via Capitalize who is run by a good friend of mine. It was a really seamless experience, which you don’t very often say when you’re rolling over a 401k, because that can be very painful. And you just mentioned like the trillions of dollars, like the massive wealth transfer that’s going to happen. Is that like, you targeting directly that sort of the rollover market? Cause you can get, you know, this was a sizable rollover and you can get big chunks of money. I mean, what, how do you think about that piece of the business?

LA: Yeah, I mean, the answer is generally, of course, yes. But like we think about it as like public, we’re building what should be your primary investing account. And if it’s your primary account, that means you’ll have multiple accounts, technically speaking, multiple account types, retirement, your regular brokerage, know, trust accounts were launching soon, entity like corporate accounts were launching soon. Like if you’re a freelancer or have like a small business or something, you know, things like that.

And so…we need to be able, just technically speaking of what we’re offering to be your primary account. That means we need all account types, we need all asset classes. And if you think about great wealth trends, what else does it mean things like at some point we will also have mutual funds, not because the next generation really wants mutual funds, they kind of don’t, to be honest, but it’s because their parents had a bunch of mutual funds and whenever they’re going to end up inheriting those assets, they likely don’t want to be forced to sell them or so. And so we got to be able to also offer them so that they can be rolled into their Public account. So things like that, that are just become very important. So we need to be able to serve you as your primary account.

PR: Okay, we haven’t talked about crypto yet and I saw that you acquired Alto’s Crypto IRA business. I also have an account there. What are your plans for the crypto market?

LA: What we’re just seeing with this generation is that crypto is just part of that modern portfolio. a certain percentage of hold on crypto and that seems to be a very normal thing to people now. And so for us, it’s important for us to have a very robust crypto offering. We have 30 plus coins, there’s going to be more launching soon. The Crypto IRAs are rolling out within Public now also any day which essentially enables you to hold crypto in your IRA, which has all the tax benefits an IRA gives you.

You can trade in and out of positions without triggering cap gains right away because it’s tax deferred and things like that. And so it just gives you, again, enables you to run more other strategies and such that include crypto as well. But crypto is a serious asset class nowadays. And so it’s very important to us that we have a really robust good offering there. We also launched crypto on our API as well. You’re seeing how just, know, vibe coding and people running some small trading strategies. Like we launched an agent on OpenClaw, for example. And so if you, for transparency, like this is like a fully autonomous agent there. So like, if you do that, we would recommend like set up a isolated own account and put the money into that. Like watch out with the stuff, you know? But people are tinkering, right? Because it’s a very exciting time.

And you realize how suddenly like something like API and also having crypto on your API and stuff available is not just something for like really hardcore algorithmic traders anymore. It’s something that a lot of people just want to use and tinker with. you know, being an investing account, where you can just go into settings and grab the API keys is actually a very powerful thing, you know, for a lot of people now, because people are vibe coding, people are playing with stuff, you know, people are connecting to other tools. They might run their own reports and some spreadsheets somewhere else, you know.

And so API access also became very important. so for example, crypto also is now live on API as well, which is, know, and so, yeah, so crypto super important. It’s a big part of people’s portfolios. And so just makes sense to keep investing in it.

PR: Okay, so last question then. What do you think success will look like for you over the next five years? Like what were you walking towards?

LA: I mean, first is getting all of your other accounts onto public. It’s a good start. Peter, it’s a good start already. I’m sure you have something else lying around. We’ll talk about it after we hang up. We will roll those into. With AI, you have this real platform shift happening. And when platform shifts like this happen, from a business perspective, everything is up for grabs, but also just from a pure design perspective and like as product nerds as we are, you can rethink everything. You can rethink how people invest, how they interact with their investing platform, how things that were usually locked behind paying advisor 1 or 2 % a year on your portfolio suddenly become accessible for everyone and powered by AI. like, there’s so much happening. And so really for us building that truly AI enabled platform, like the truly agentic brokerage as we call it, that is where we see most of the advancements happening in the near future.

PR: We’ll have to live it there Leif. was really, really interesting hearing your story and seeing how AI is playing such a big part in what you’re doing and what the plans for the future. So best of luck and thanks for coming on the show.

LA: Cool, thanks so much.

PR: I have to say I love the generated assets concept. I think it is genuinely compelling and something I’ll be checking out for myself. The idea that you can prompt something like, give me founder led companies growing 30 % plus with high shipping velocity and have AI agents analyze every stock in the market, create a custom index with relevancy scores and back testing. That’s a concrete product that makes the agentic label feel real rather than just a buzzword.

And his broader point about how this could break the ETF bubble where everyone is essentially invested in the same indices, funding the same companies, gives it real market significance beyond just being a cool feature.

Anyway, that’s it for today’s show. If you enjoy these episodes, please go ahead and subscribe, tell a friend or leave a review. And thanks so much for listening.