Munger on Robinhood: ‘It’s deeply wrong. We don’t want to make our money selling things that are bad for people’
- Date: 02-May-2021
- Source: Yahoo News
- Sector:Financial Markets
- Country:Middle East
Munger on Robinhood: ‘It’s deeply wrong. We don’t want to make our money selling things that are bad for people’
Berkshire Hathaway's (BRK-B, BRK-A) CEO Warren Buffett says he’s "looking forward" to reading Robinhood’s S-1 as he proceeded to subtly criticize the no-fee brokerage app, while his long-time partner, Charlie Munger, outright lambasted it.
Speaking at the conglomerate's annual shareholder meeting, streamed exclusively on Yahoo Finance, Buffett said Robinhood has "become a very significant part of the casino aspect of the casino group that has joined into the stock market in the last year or year and a half."
A wave of new investors has flooded the stock market, with lockdowns, no-fee trading, and stimulus checks making it easier to open up a brokerage account and start trading.