The annual fiesta of capitalism that is the Berkshire Hathaway Inc. shareholder meeting returned over the weekend in Omaha, Nebraska, after a three-year absence due to the COVID-19 pandemic.
Warren Buffett, Berkshire's chairman and CEO, and Charlie Munger, its vice chairman, used the platform on Saturday to answer questions about the company and investing, and to comment on the fervent speculation that is permeating the market. The two took aim at Bitcoin and Wall Street in general, meaning the traders, firms, bankers and financial advisers that comprise the capital markets.
The following quotes are taken from videos of the event posted on CNBC.com and YouTube.
“The money is in churning stocks,” Buffett said.
Long-term investors would have been fine if they had bought and held shares of Berkshire Hathaway back in the 1960s, he said. “But your broker would have starved to death. Wall Street makes money, one way or another, catching the crumbs that fall off the table of capitalism.”
Wall Street, which ranges from bankers to firms to financial advisers, “makes a lot more money when people are gambling than investing,” Buffett said.
"We have computers with algorithms trading against other computers," Munger said. "We’ve got people who know nothing about stocks being advised by stockbrokers who know even less."
"I got some advice for you, too," Munger said. "When you have your own retirement account, and your friendly adviser says put all your money into Bitcoin, just say no."
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Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.
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