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Robinhood fires back after Warren Buffett slams free-trading app

May 3, 2021. Summarized by summa-bot.

Compression ratio: 25.1%. 1 min read.

Bangkok, Thailand - January 29, 2021 : An iPhone user downloading Robinhood App, a stock trading app, from the App Store.

Warren Buffett and Berkshire Hathaway vice chairman Charlie Munger are not big fans of short-term trading and the popular Robinhood app. But it appears that Robinhood has no time for Buffett or Munger either.

New York (CNN Business)Warren Buffett and Berkshire Hathaway (BRKB) vice chairman Charlie Munger are not big fans of short-term trading and the popular Robinhood app.

But it appears that Robinhood has no time for Buffett or Munger either.

Buffett said in Saturday's annual Berkshire Hathaway shareholder meeting that the rise of Robinhood is "a very significant part of the casino aspect" of the stock market in the past year.

Robinhood went a step further Monday morning, putting out a lengthy blog post headlined"The old guard of investing is at it again" — this time specifically citing Buffett and Munger.

Ramsay added that "people are tired of the Warren Buffetts and Charlie Mungers of the world acting like they are the only oracles of investing.

by summa-bot

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