Warren Buffett and Charlie Munger have slammed Wall Street, Robinhood, and platforms that encourage stock market gambling. This was at the Berkshire Hathaway annual shareholder meeting in 2022.
They have suggested that such practices do not have clients' best interests in mind, and should not be encouraged. I discuss whether they are correct about Robinhood and Wall Street. I highlight that they are largely correct that investment professionals should not be encouraging gambling or any other action that can cause people to lose money. Rather, they should help clients make money, thereby growing the pie and making everyone better off. I also discuss Robinhood's financial results, including their declining user-base and revenue per user, and their ongoing financial losses.
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Time stamps:
* 0:00 Warren Buffett & Charlie Munger on stock gambling and risky trades and Wall Street
* 2:45 Warren Buffett and Charlie Munger slam Robinhood
* 3:52 Introductory remarks
* 5:21 Are Buffett and Munger correct about stock gambling
* 8:02 What about Wall Street generally?
* 11:10 How has Robinhood performed?
* 14:29 Concluding thoughts
#WarrenBuffett #CharlieMunger #Robinhood #BerkshireHathaway
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