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Charlie Munger ROASTS Robinhood; "It Was Disgusting." | Collection: Charlie Munger #307



[Transcript]

CHARLIE MUNGER

Look what happened to Robinhood, from its peak to its trough. Wasn’t that pretty obvious, that something like that was going to happen?


WARREN BUFFETT

Tell me again? What should —


CHARLIE MUNGER

Robinhood. Remember, it came out, and it went public, and —


WARREN BUFFETT

Oh.


CHARLIE MUNGER

— it lured everybody into all this short-term gambling, and big commissions, and hidden kickbacks, and so on and so on. It was disgusting.


WARREN BUFFETT

Yeah. And you said so last year, and they got mad at you, and they sold a bunch of their stock, and they’ve got the money, and —


CHARLIE MUNGER

Yeah, but now it’s unraveling. God is getting just.


WARREN BUFFETT

I love the insiders of great — no, but they’ve gotten a lot of money from it. I mean, they were big sellers, as I remember.


CHARLIE MUNGER

That may be — but there’s been some justice.


WARREN BUFFETT

Well, I happen to agree with that. (Applause) Whether it’s a good idea to go around making enemies of people, though, that — that’s another question, which we do. Is it wise to criticize people at all?


CHARLIE MUNGER

Probably not, but I can’t help it. (Laughs) (Applause)


WARREN BUFFETT

Well — and here’s the smartest guy I know, and he’s 98 and he hasn’t figured it out yet, so —


(Laughter) Give up. Enjoy it.


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[YAPSS Takeaway]

No takeaway, but I hope you enjoy it as much as I do!

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