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uh from the berkshire meeting jim i know you talked about a couple of them but spax bitcoin apple buybacks climate where do you begin well i do think that we have to talk about the individual investor the the youthful individual investor and i'm going to take it head on here uh oh look obviously i respect uh those two men as everyone else does warren buffett charlie munger you have to but i i found i agree with with vlad tennef and robin hood when i say that it was insulting now maybe it was meant to insult maybe it was too sweeping but i think that when those gentlemen blast a company that has actually brought millions of people in uh some of these people are investors and not all of them are a casino or call buyers and david i think that there's a sense of contempt uh for change and these people are part of a change in a democratization that i am not going to criticize uh when you talk about that or when you say that there is some contempt for that is there anything in particular that comes out of the various comments that were made by mr buffon there was very good comment about short-term apple call buying i do think that there's too much call buying i also think that if you rely on what people say is where they get their ideas wall street bets that means that you've bought gamestop and you've bought amc there really is much more to it so david my take is is that we're not getting the correct sample and that both men have contempt for millions of people who are smarter than having money in a checking account and they're trying and you don't want to discourage them but if you listen to these two i think you find that they've attacked a generation's fools and i i disagree with that carl um you know yeah go ahead now i was going to say i mean robin hood's statement if you haven't heard it so far this morning is if the last year has taught us anything it's that people are tired of the warren buffets and charlie mongers of the world acting like they're the only oracles of investing if you missed what uh the two said over the weekend take a listen to this i do want to say how concerned about how they handle the source of income when they they say they they don't charge the customer anything i mean you know uh it'll just be interesting to watch how they describe it i mean but but they they have attracted maybe set out to attract but they have attracted uh i think i read where 12 or 13 percent of their their casino participants were dealing and put some calls i looked up on apples you know the number of seven day calls and 14 day calls outstanding and i'm sure a lot of that is coming through robin and that's a bunch of people writing they're gambling on the price of apple over the next seven days or four days there's nothing you know there's nothing illegal about it there's nothing immoral but uh uh i don't think he'd build a society around people doing it interesting guys you know some of our viewers are writing in this morning david uh sort of defending buffett right saying buffett doesn't know my order flow he doesn't sell my order flow and he doesn't shower me with gimmicks to get me to engage yep that all true and i mean jim listen we've talked a lot about the gamification of these apps and robinhood in particular you also made a perfectly valid point about their business model which has potentially changed to some extent since the gamestop fiasco when they were more or less out of business if they didn't raise three billion dollars they didn't i mean there is no doubt that there is a level of speculation there um that they're that their participants engage in that you can't fully disagree so but what is it that you take issue with them i think that that's a sample in a smaller group i think it's more anecdotal than empirical i think that it we need to encourage younger people to get in and we need to help them i actually think that what we do here as a network is antithetical to exactly what buffett monger said so i'm not going into what their view is i mean we try very hard to educate right all of us and it's it's got some power we should not just sit here if we're just going to tell people they should be in index funds um then i think we miss great opportunities for people i think of all the stories you broke if people are watching what you have to say do i think that they're foolish taking action i think the opposite no i think that what we do carl as a network is admirable it's to help a lot of the people from robinhood be better i don't think that they necessarily have to self-immolate they're not people who shower themselves with gasoline in light of fire there's a lot of people i think who have watched us and again i i want to bring us into the debate i spent my life trying to educate these people now you could say listen that's a life unlearned and a life that's stupid i look at it carl i've i've probably talked to thousands of investors far more than these two gentlemen other than the people who are long buffeted long yeah long warren buff long berkshire and carl i find it uh i find it denigrating i i find it patronizing and i know you're not supposed to criticize these two gentlemen i know they're supposed to be above criticism but they directly attacked a wave of investing carl that i'm very excited about and there will be people who get blown out do you do you consider jim do you consider seven day calls investing no that's not investing that's stupid uh do i consider that's what everybody's doing absolutely not do i consider when people call in and ask me about it now you can say that's anecdotal too well after after uh i don't know after 16 years and thousands of shows i'm more empirical than those gentlemen uh david i just think that we have millions of people who are finding their way and some are going to make big mistakes they always have but those who would use the app on a daily basis and treat it almost in the same way that they would a betting app that's foolish yeah but they'll get blown out but there'll be some of the millions millions who might think will buy berkshire you
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