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Robinhood offers blistering retort to ‘elitist’ criticisms from Munger

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Robinhood fired back at Berkshire Hathaway Vice Chairman Charlie Munger, who earlier this week said the free trading app was having a “regrettable” impact on investors.

The longtime business partner of Warren Buffett on Wednesday addressed the running controversy over Robinhood and similar applications, noting dangers from the allure of easy, free trading.

“No one should believe Robinhood trades are free,” Munger, 97, said. “The frenzy is fed by people who are getting commissions and other revenues out of this new bunch of gamblers.”

He added that the app has created “a culture which encourages as much gambling in stocks by people who have the mindset of racetrack bettors. … It’s a dirty…



Source cnbc.com

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