SUPPORT AMERICAN FAITHDONATE NOW

Warren Buffett says trading platforms like Robinhood encourage a ‘gambling impulse’

Buffett lamented that many novice stock traders treat the market like a “casino”

Warren Buffett on Saturday criticized stock trading platforms like Robinhood that allow buying and selling for free as encouraging a “gambling impulse.”

“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 at Berkshire Hathaway’s annual meeting held virtually this year due to the coronavirus, The Guardian reported. 

Buffett lamented that many novice stock traders treat the market like a “casino” and said that choosing a stock that is successful long-term is more difficult than it sounds.

He pointed out that there were more than 2,000 car companies in 1903 and although motor vehicles revolutionized society nearly all of the companies went out of business, according to The Guardian.