Munger Calls Out Robinhood, Other Brokers for ‘Dirty’ Money
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Charlie Munger
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Charlie Munger, the long-time business partner of Warren Buffett, said Robinhood Markets and other brokerages that attract inexperienced retail investors are essentially offering “gambling services” and have found a “dirty way” to make money.
“I think you should try and make your money in this world by selling other people things that are good for them, and if you’re selling them gambling services -- where you make profits off the top, like many of these new brokers who specialize in luring the gamblers in -- I think it’s a dirty way to make money, and I think that we’re crazy to allow it,” Munger, 97, said Wednesday at the annual meeting of Daily Journal Corp., where he is chairman.