In their recent shareholder’s meeting on April 30, Warren Buffet and his business partner Charlie Munger, considered the legends in investing, outright denounced Robinhood and the entire culture around it.
Buffet said there is “nothing illegal to it, there’s nothing immoral, but I don’t think you build a society around people doing it.” He said it was “taking advantage of the gambling instincts of society, and it isn’t admirable.” He also said “It’s become a very significant part of the casino group that has joined into the stock market in the last year or year and a half,“
Meanwhile, Munger said it’s “deeply wrong” and “god awful that something like that brought investments from civilized men and decent citizens.”
Robinhood did not keep mum. In fact, They went all offensive. They wrote an article on their Medium page where they said, “people are tired of the Warren Buffetts and Charlie Mungers of the world acting like they are the only oracles of investing.“
“It is clear that the elites benefited from a stock market that kept many families sidelined from participating while they amassed huge wealth from decades of investing — driving a deep wedge between the haves and have-nots. Suddenly, Robinhood and other online trading platforms have opened the doors of financial markets to everyday people, deeply unsettling the old guard who will fight to keep things the same.” the post read.