A Robinhood spokesman fired back at Berkshire Hathaway vice chairman Charlie Munger’s criticisms of the free-trading app.
Munger had said Robinhood was having a “regrettable” impact on investors who have a “mindset of racetrack bettors.”Pavlo Gonchar | LightRocket | Getty Imageswho earlier this week said the free-trading app was having a "regrettable" impact on investors.over Robinhood and similar applications, noting dangers from the allure of easy, free trading.
"No one should believe Robinhood trades are free," Munger, 97, said. "The frenzy is fed by people who are getting commissions and other revenues out of this new bunch of gamblers." He added that the app has created "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.""In one fell swoop an entire new generation of investors has been criticized and this commentary overlooks the cultural shift that is taking place in our nation today," the statement said.
Maybe we should get rid of racetracks, casinos and lotto If they are such bad things
I respect Munger and Buffett for their past performance but If you're going to listen to a 97 year old billionaire try to tell you that he doesn't like how you make money then you're doing something right.
Doesn’t mean he’s wrong.
RobinHood? Boomers have sentenced young people to a life of low-wage, temporary and contract jobs in a gig economy. No wonder they sit home and YOLO options.
He said they lure people in with no commissions... ummm fidelity and quite a few others are no commission too.
He's got a point. There is big money invested to make sure retail always loses. They said it themselves. Retail is 'dumb money' These 'trading apps' are encouraging the unsuspecting trader to treat trading like it's gambling It's not gambling. It's not random Proof 👇
100% - can we just let this poor man enjoy whatever time he has left on this earth in peace? He has done enough. Stop interviewing him.
Charlie Munger...nuff said...mic drop
Can this old fuck shut up already
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Goodness, the 'deplorables' are now in the door. It's not gambling when the house tilts the tables towards themselves, he's right there
When the free money ends, Charlie will be right.
Scotts Trade is the Way to go I was told by a Co worker if you want to get into this shit, I don't have the Time or Money for this shit.
What did Munger say about today's bubbilious stock market or bitcoin?
Unsecured platform
Robinhood is so hopelessly full of shit. Munger was right. At any rate, will love to see how smug RH is when the SEC throws the hammer down on them.
Good for robinhood
Robinhood showed everyone that they are scumbags when they halted trading on stocks like GameStop and CMC. Don't trust anything that they say
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