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

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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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Ariesding
·2021-02-25
?
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mcwood
·2021-02-25
4321 rule
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StormsRiders
·2021-02-25
Of course, nothing is free.
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- GaryGui:
  Oh
  2021-02-25
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- Ichua:
  Agree
  2021-02-25
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PigsMightFly
·2021-02-25
Please comment!
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滚筒
·2021-02-25
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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The broker has faced criticism by lawmakers and the public since last month’s surge in trading of certain stocks, driven by retail investors. Its stated mission is to “democratize finance for all” by giving users an easy way to invest in public markets and helping to eradicate trading fees. Millions of people, many of them young, have flocked to the company’s platform in recent years.\nMunger took aim at trends including the Reddit-induced boom in stocks such as GameStop Corp. and the growth in SPACs, or special purpose acquisition companies, which he called a sign of an “irritating bubble.” He warned that this must end badly, but he’s not sure when.\n“It’s most egregious in the momentum trading by novice investors lured in by new types of brokerage operations like Robinhood,” Munger said. “I think all of this activity is regrettable. 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":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","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,"authorIdStr":"3562324973418327","idStr":"3562324973418327"},"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":8,"crmLevelSwitch":1,"authorIdStr":"3569805243820041","idStr":"3569805243820041"},"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":2,"crmLevelSwitch":0,"authorIdStr":"3575778576577621","idStr":"3575778576577621"},"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,"idStr":"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,"idStr":"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,"authorIdStr":"3574774155789598","idStr":"3574774155789598"},"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":3,"crmLevelSwitch":0,"authorIdStr":"3572057948118382","idStr":"3572057948118382"},"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"}],"hasMoreComments":true,"newsSizeData":{"likeSize":26,"commentSize":5,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}