"There are threats of clearing house failure, so it gets very dangerous," added Munger. "And it's really stupid to have a culture which encourages as much gambling in stocks by people who have the mindset of racetrack bettors. ... It's a dirty way of making money.""You will remember when the first bubble came which was the South Sea bubble in England back in the 1700s. It created such a big havoc when it blew up," Munger said.
On Thursday, a Robinhood spokesperson responded to CNBC's request for comment, saying Munger's commentary is "disappointing and elitist."
erikwill Charlie has a flip phone. Just saying.
There wont be a bursting of the bubble, as long as cheap interest rates are avl. Even if interest rates were to rise, the gains from bubble prices of the teslas, gamestop, bitcoins of the world are still way more attractive than the possible cost of money.
Making money by luring unhealthy human desire or satisfying the inherent frailties of human nature is immoral. An individual investor with little knowledge of financial investment and being lured into stock speculation will lose all his savings even all if he took high leverage.
I smoked BRK etf it whatever that carp is called.
I agree. Novice investors only can learn the market by way of financial advisor who’s reading a sales script on his firms recommendation w his senior broker listening in, telling him how to answer rebuttals
That is so awesome! I may not agree with everything he says, but I totally respect a man at the age of 97 that will speak his mind and take no prisoners and suffer no fools.
The dude is not wrong. You have brokers pushing noobs to buy, buy, buy. Their marketing and in app-news are constantly framing everything with FOMO triggers for people who don't know what they're doing. So they buy at record peaks and proceed to lose large sums of cash.
Ok Grandpa let's get you back to bed.
Fuck this 120 year old dinosaur
Well what do you suggest we plebes do Charlie since we haven't got brains of our own?
thank you very much for your work
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