Citadel operates as a team sport, where strong partnerships foster resilience during challenging times, allowing for better decision-making in investing.

The 'democratization of capital' means empowering everyone to fund what matters to them and raise money in various ways.

The ability to create financial instruments through blockchain technology has drastically reduced the costs and complexities associated with traditional finance and legal processes.

The introduction of smart contracts has transformed the landscape, allowing for trustless transactions and enabling a wide range of financial instruments to be created cheaply and efficiently.

Decentralization in AI could create a financial ecosystem that supports new players and enhances service delivery, potentially leading to a more competitive landscape.

Stablecoins offer a way to bypass the regulatory lock-in that traditional institutions have, enabling more direct and efficient access to financial services.

When starting Citadel, I attracted bright undergraduates and graduate students by offering better pay than Wall Street and promises of responsibility.

Companies are becoming cheaper to start and raise funds due to advancements in legal automation and standardization, making it easier for investors to invest.

Robinhood transformed stock trading from a cumbersome and expensive process to a free, mobile-first experience aimed at democratizing finance for everyone.