Buffett: Trading apps contributing to ‘casino aspect’ of stock market

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Warren Buffett on Saturday said RobinHood and other trading apps were contributing to the “casino aspect” of the stock market, which has grown more prevalent over the past year to year-and-a-half. In response to a question about the trading apps at Berkshire Hathaway Inc.’s
BRK.A,
-1.29%
BRK.B,
-0.95%
annual meeting, Buffett said that while there was nothing illegal or immoral about short-term, speculative trading activity, “I don’t think you build a society around people doing it.” Vice Chairman Charlie Munger expressed stronger misgivings, calling it “just godawful that something like that would draw investment from civilized men and decent citizens; it’s deeply wrong. We don’t want to make our money selling things that are bad for people.”

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