Exactly this. RH has a business model closer to casinos than it does to Schwab or Fidelity.
The headline feature for RH is "fee-free trading" which is fine, but once you read past the headline you'll come upon a vast amount of gamification, calls to action, and every other tool borrowed from gacha games and gambling generally.
In that vein I would expect their corporate performance to track more closely with gambling and F2P gaming peers than they would track more established stock trading apps.
More cynically RH's product was making people feel like geniuses in a bull market. The bull market is now gone.
The headline feature for RH is "fee-free trading" which is fine, but once you read past the headline you'll come upon a vast amount of gamification, calls to action, and every other tool borrowed from gacha games and gambling generally.
In that vein I would expect their corporate performance to track more closely with gambling and F2P gaming peers than they would track more established stock trading apps.
More cynically RH's product was making people feel like geniuses in a bull market. The bull market is now gone.