Munger Calls Out Robinhood, Other Brokers for ‘Dirty’ Money

Bloomberg2021-02-25

Munger also says that ‘commission-free’ trading is a lie ‘No question’ that Wells Fargo let down investors, Munger says Charlie Munger, the long-time business partner of Warren Buffett, said ...

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Comments

Ariesding
2021-02-25
Ariesding
?
mcwood
2021-02-25
mcwood
4321 rule
StormsRiders
2021-02-25
StormsRiders
Of course, nothing is free.
- GaryGui:
  Oh
- Ichua:
  Agree
PigsMightFly
2021-02-25
PigsMightFly
Please comment!
滚筒
2021-02-25
滚筒
But these platform will not go away.... True they encourage gamblimg - but gambling in stock market is not new and exist before them... What theese platform does is making it so convenience so everyone can join in and gamble away their money. Oh technology.

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I think civilization would do better without it.”\nMunger called “commission-free” trading one of the most “disgusting” lies being perpetuated by the investing world.\n“Robinhood trades are not free,” Munger said. “When you pay for order flow, you’re probably charging your customers more and pretending to be free. It’s a very dishonorable, low-grade way to talk. And nobody should believe that Robinhood’s trades are free.”\nMunger, a Berkshire Hathaway Inc. vice chairman, has been at Buffett’s side for decades as they used corporate acquisitions and stock purchases to build the conglomerate into a behemoth valued at more than $580 billion.\nHe’s also helped build the Daily Journal’s stock portfolio, which currently holds bets on companies including Bank of America Corp. and Wells Fargo & Co. That company’s Wells Fargo holding has remained relatively stable and ended 2020 valued at $48 million, while Berkshire has been deeply slashing its stake in the lender. When questioned about that contrast, Munger cited different tax considerations and said there’s no need for Daily Journal and Berkshire to be aligned on everything.\n“There’s no question that Wells Fargo has disappointed long-term investors like Berkshire,” Munger said. “You can understand why Buffett got disenchanted with Wells Fargo. I think I’m a little more lenient. I expect less out of bankers than he does.”","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":361687697,"gmtCreate":1614229303419,"gmtModify":1704889889749,"author":{"id":"3562324973418327","authorId":"3562324973418327","name":"Ariesding","avatar":"https://static.tigerbbs.com/072da8194b0fcd18a8fe3cfb32cbb5d0","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/361687697","repostId":1194977511,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":361634181,"gmtCreate":1614227270143,"gmtModify":1704889858988,"author":{"id":"3569805243820041","authorId":"3569805243820041","name":"mcwood","avatar":"https://static.tigerbbs.com/899c12565f32e74966bd8f5ceac09f7c","vip":1,"hat":"https://static.tigerbbs.com/0a8758340a08196056f8bc1e54805193","crmLevel":7,"crmLevelSwitch":1},"htmlText":"4321 rule","listText":"4321 rule","text":"4321 rule","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/361634181","repostId":1194977511,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":361604734,"gmtCreate":1614225875528,"gmtModify":1704889832706,"author":{"id":"3575778576577621","authorId":"3575778576577621","name":"StormsRiders","avatar":"https://static.tigerbbs.com/9458edc7e400a8e64d615784bffb8ceb","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"Of course, nothing is free.&nbsp;","listText":"Of course, nothing is free.&nbsp;","text":"Of course, nothing is free.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/361604734","repostId":1194977511,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3657800,"gmtCreate":1614230211575,"gmtModify":1680778253692,"authorId":3572125033182972,"author":{"id":3572125033182972,"authorId":3572125033182972,"name":"GaryGui","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":361604734,"type":1,"supId":0,"prevId":0,"content":"Oh","text":"Oh","html":"Oh"},{"id":3657404,"gmtCreate":1614226747241,"gmtModify":1680778249848,"authorId":3554848762875033,"author":{"id":3554848762875033,"authorId":3554848762875033,"name":"Ichua","avatar":"https://static.tigerbbs.com/175ebc8e659de3f491645e9236066d54","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":361604734,"type":1,"supId":0,"prevId":0,"content":"Agree","text":"Agree","html":"Agree"}],"langContent":"EN"},{"id":361603752,"gmtCreate":1614225305176,"gmtModify":1704889823849,"author":{"id":"3574774155789598","authorId":"3574774155789598","name":"PigsMightFly","avatar":"https://static.tigerbbs.com/7b346eecabfd1938b479ec4791d40b71","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Please comment!","listText":"Please comment!","text":"Please comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/361603752","repostId":1194977511,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":361875212,"gmtCreate":1614224751636,"gmtModify":1704889815983,"author":{"id":"3572057948118382","authorId":"3572057948118382","name":"滚筒","avatar":"https://static.tigerbbs.com/ff35c63639130db9306c87ac66c94640","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"But these platform will not go away....&nbsp;True they encourage gamblimg - but gambling in stock market is not new and exist before them... What theese platform does&nbsp;is making it so convenience so everyone can join in and gamble away their money. Oh technology.","listText":"But these platform will not go away....&nbsp;True they encourage gamblimg - but gambling in stock market is not new and exist before them... What theese platform does&nbsp;is making it so convenience so everyone can join in and gamble away their money. Oh technology.","text":"But these platform will not go away.... True they encourage gamblimg - but gambling in stock market is not new and exist before them... What theese platform does is making it so convenience so everyone can join in and gamble away their money. Oh technology.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/361875212","repostId":1194977511,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":26,"commentSize":5,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1194977511"}