Warren Buffett’s right-hand man blasted Robinhood, slammed SPACs, questioned bitcoin, and warned against speculating at the Daily Journal annual meeting. Here are the highlights.

Warren Buffett’s right-hand man blasted Robinhood, slammed SPACs, questioned bitcoin, and warned against speculating at the Daily Journal annual meeting. Here are the highlights.

Warren Buffett's right-hand man issued a warning to stock-market speculators, criticized the trading platforms enabling them, and blasted SPACs at the Daily Journal annual meeting on Wednesday.

Charlie Munger, the vice-chairman of Buffett's Berkshire Hathaway, is also the chairman of Daily Journal, a newspaper publisher and software developer.

Here are the meeting highlights. We'll be updating them as the meeting continues.

Speculation

Munger acknowledged that periods of mass speculation occur from time to time, and said his normal policy was to "ride them out." He cautioned amateur investors and day traders against acting recklessly.

"Shareholders should be more sensible and not crowd into stocks and just buy them because they're going up and they like to gamble," Munger said. "That's a very dangerous way to invest."

GameStop

Munger also compared the GameStop short squeeze in January to people gambling at the racetrack.

"That's the kind of thing that happens when you get people who gamble the way they would betting on racehorses," he said.

"It's very dangerous and it's really stupid to have a culture to encourage gambling in stocks," he continued. "Of course that is going to cause trouble and it did."

Trading apps

Munger also called out Robinhood and other trading platforms for "luring" novice investors into speculating on