Beautiful Virgin Islands

Monday, Feb 06, 2023

Buffett compares Wall Street to gamblers, would trust 'monkeys' over financial advisers

Buffett compares Wall Street to gamblers, would trust 'monkeys' over financial advisers

Berkshire Hathaway CEO Warren Buffett took swipes at Wall Street and financial advisers, saying the game is "simple" and that investing is not so different from gambling.

"The market has been extraordinary," Buffett said while answering questions. "Sometimes it’s quite investment-oriented … and other times it’s almost totally a casino. It’s a gambling parlor."

"That existed to an extraordinary degree, encouraged by Wall Street because the money is in turning over stocks."

Buffett, 91, shared no love for financial advisers and Wall Street, saying they make money by feeding off "the crumbs from the table of capitalists" and called investment a "simple game."

"It’s amazing how hard people make what is a simple game, but of course if they told people what a simple game it is, 90% of the income of people speaking would disappear," he said, saying there was much that people could do themselves.

"I hate to use the example, but you can have monkeys throwing darts at the page, and, you know, take away the management fees and everything, I’ll bet on the monkeys," he added.

Berkshire Hathaway Vice Chairman Charlie Munger then shared a joke in which a financial adviser asks for $50,000 of an investor’s net worth upfront, calling it the adviser’s "contribution to your future."

"It’s a peculiar business," Munger said.

Buffett said that if anyone was advising their child on how to "make money per point of IQ and per erg of energy, tell them to go to Wall Street."

Tens of thousands of people turned out to Omaha, Nebraska to listen to Buffett and Munger wax philosophical on their investment activity and current markets. This year, Buffett and Munger will share the spotlight with Buffett’s eventual successor, Vice Chairman Greg Abel, along with Vice Chairman Ajit Jain, who runs Berkshire’s vast insurance business.

Buffett himself is predicting a record-breaking crowd of more than 40,000, although Berkshire later put out a statement downplaying that number.


Related Articles

Beautiful Virgin Islands
Powerful Earthquake Strikes Turkey and Syria, Killing More Than 1,300 People.
I have a dream, MLK inspiring speech
Turkish photographer Ugur Gallenkus portrays two different worlds within a single image. Brilliant work
Aretha Franklin, Marvis Staples - Oh Happy Day
Tennessee Bill Would Imprison People for 3 Years If They 'Lie' About Rape to Get an Abortion.
BVI Freedom Song
Charlie Munger, calls for a ban on cryptocurrencies in the US, following China's lead
Billy Preston - You Can't Beat God Giving (Live)
EU found a way to use frozen Russian funds
First generation unopened iPhone set to fetch more than $50,000 at auction.
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
Almost 30% of professionals say they've tried ChatGPT at work
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
Hello Dolly
What is ChatGPT?
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Bob Marley - Get Up Stand Up
Tesla reported record profits and record revenues for 2022
Yes He Can
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
What A Friend We Have In Jesus
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Touch The Hem Of His Garment
Who’s Threatening Israeli Democracy?
The Lord's Prayer
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Ray Charles And The Voices Of Jubilaton, Oh, Happy Day
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Ramblin' Rose
Tesla slashes prices globally by as much as 20 percent
Protoje - Who Knows ft. Chronixx
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
Pressure - Virgin Islands Nice
After Failing To Pay Office Rent, Twitter May Sell User Names
Phil Wickham - House Of The Lord
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
My God Is Real (Yes, God Is Real)
FIFA president questioned by prosecutors
The Lion King Circle of Life by LEBO M. — LIVE at the HAVASI Symphonic
Britain's Sunak breaks silence and admits using private healthcare
Louis Armstrong - When The Saints Go Marching In
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
Kanye West Sunday Service - hallelujah, salvation, and glory
Saudi Arabia set to overtake India as fastest-growing major economy this year 
Jonathan Nelson - I Believe (Island Medley
From The Virgin Islands Sqad Up
Common, John Legend - Glory
Anthony Evans vs. Jesse Campbell - If I Ain't Got You