Yeah, and he literally helped write legislation that benefited him afterwards.
Warren Buffett rips Wall Street for turning the stock market into ‘a gambling parlor’
- Thread starter themickey
- Start date
I am not a broker or affiliated in anyway with a broker. But why is it evil that brokers are making more money?
Over the years, commissions plunged, spreads shrunk, liquidity surged and better trading products are available.
More participants in the market , so more going to lose ? Of course, that's human behavior, not brokers allowing better access to more products ?
What about more people ( some with less capitol ) who are MAKING money due to ,better markets , better product access and lower trading costs ?? No mention, perhaps it does not fit the narrative ?
The alternative ?? Go back to higher commissions, bigger margins, bigger spreads, restricted market access, ban more products , all to protect us unwashed from speculation ???
Saying easy market access by brokers causes losses to victims, is like saying: grocery stores allowing easy access to consumers is dangerous because it will result in obesity victims .
Over the years, commissions plunged, spreads shrunk, liquidity surged and better trading products are available.
More participants in the market , so more going to lose ? Of course, that's human behavior, not brokers allowing better access to more products ?
What about more people ( some with less capitol ) who are MAKING money due to ,better markets , better product access and lower trading costs ?? No mention, perhaps it does not fit the narrative ?
The alternative ?? Go back to higher commissions, bigger margins, bigger spreads, restricted market access, ban more products , all to protect us unwashed from speculation ???
Saying easy market access by brokers causes losses to victims, is like saying: grocery stores allowing easy access to consumers is dangerous because it will result in obesity victims .
he's referring to the gamification of trading, not the improved access to investing (which is what the old firms like Schwab and Etrade tout and is beneficial to his pnl because that raises multiples).
"I just leveled up to Options."
%%
Mr Buffet had some good points;
not that the stock market is gambling/try winning a lot in a casino + see how far you get/LOL
Overall i like Mr Buffet, even though he never made jack Schwager top traders books. He also has a dishonest whine about him paying less taxes than his sec....LOL
I only have one book on Mr Buffet, strangely it was given away by a library.
Also i saw Mr Buffet on TV; interesting he is quite jealous of hedge funds that trade different from him + some make more % gain than him for years/decades.
Or he's referring to the fact that us little people have to pay our losses whereas he gets bailed out.
How did he get bailed out?
What people miss with Warren Buffett is he now owns whole companies instead, of merely, being a shareholder. So, Buffett is guaranteed a return on his monies from the businesses and its profits, no matter what is happening in the economy. Also, he gets preferential treatment from banks and brokers that your average American will never get. Like this instance. How many average joes will get the same treatment?
https://theweek.com/articles/459166/how-warren-buffett-made-10-billion-during-financial-crisis
Warren Buffett rips Wall Street for turning the stock market into ‘a gambling parlor’
A gambling parlor huh?
Lol.
And that's new?!
Next thing ya know he'll be calling it "a den of inequity".
If it wasn’t for day traders the slippage Buffet would have getting in and out of stocks would be horrific. He just doesn’t like what he doesn’t understand.
I started prop trading with 5k to my name and made hundreds of thousands. With Buffets buy and hold in 5 years would have made maybe 10k.
I started prop trading with 5k to my name and made hundreds of thousands. With Buffets buy and hold in 5 years would have made maybe 10k.