The legendary investor criticized applications such as Robinhood, saying they created a casino-like atmosphere and encouraged a “gambling impulse” among Americans. He also criticized the game incident with GameStop.
Billionaire Warren Buffett advised people not to think that investing is an easy way to earn a fortune. He said stock trading platforms like Robinhood only encourage people to gamble because they allow them to buy and sell stocks “for free.”
Berkshire CEO Hathaway spoke at the company’s annual meeting, which was held online for the second time over the coronavirus pandemic. He answered several questions together with Vice-Presidents Charlie Munger.
Trading and cryptocurrency applications
“There is nothing illegal, there is nothing immoral, but I do not think that a society is being built around the people who do it,” he added.
Munger shares his views and says it is “just awful that something like this will attract investment from civilized people and decent citizens.” This is deeply wrong. “
Buffett advised investors to make safe bets and criticized the GameStop trading phenomenon, which occurred earlier this year. Robinhood is facing many lawsuits over its decision in January to restrict trading in GameStop and other stocks.
“Choosing stocks is much more important than knowing what an amazing industry will be in the future. I just want to tell you that it’s not as easy as it sounds, “said the legendary investor.
Charlie Munger also questioned the value of cryptocurrencies. “I do not welcome a currency that is so useful for kidnappers, extortionists, etc. I also don’t like throwing away a few extra billion dollars to someone who has just invented a new financial product out of thin air. “I think I should say modestly that I think the whole development is disgusting and contrary to the interests of civilization,” he said.
Junior Trader Mert Mustafa