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Charlie Munger: Retail trading apps creating ‘speculative mess’

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Daily Journal Chairman and Berkshire Hathaway Vice Chairman Charlie Munger discusses retail trading apps and answers questions at the annual Daily Journal shareholders' meeting.

Video Transcript

CHARLIE MUNGER: We now mix up a legitimate activity-- capital raising for enterprises that need money to do their capitalistic function with a gambling casino, where people come in gamble. And those two functions, when they're mixed as they are in a stock market or Bitcoin, create a speculative mess and a speculative orgy. And it's dangerous for the republic. It isn't good to have a lot of people trying to get easy money for sure just from gambling.

And the people that are preying on them, the salesman and the market makers, they're not the most admirable people either. So, no, I don't like it at all. I say, most old men don't, of course. And a lot of people think, well, just Warren and Charlie don't understand it. Well, I think we do understand it, and we know it isn't good for our republic.