Buffett and Munger heap criticism on Robinhood for casino-like atmosphere
By Jonathan Stempel and John McCrank
(Reuters) – Warren Buffett on Saturday likened the hundreds and hundreds of inexperienced day retailers who entered the stock market to this point 12 months to gamblers, and talked about commission-free brokerages equivalent to Robinhood Financial for promoted a casino-like atmosphere.
Speaking at Berkshire Hathaway Inc’s annual meeting, Buffett talked about Robinhood has attracted, “probably acquired all the way down to entice,” quite a few individuals who discover themselves merely taking part in on short-term value actions in shares equivalent to Apple Inc.
“There is nothing illegal to it, there’s nothing immoral, nevertheless I don’t assume you assemble a society spherical people doing it,” he talked about.
Buffett’s long-time enterprise affiliate, Charlie Munger, was additional harsh.
“It’s merely god-awful that …