Capital Calls: Sage vs. spice
Concise insights on global finance.
OLD BRO VS. NEW BRO. The Robinhood Markets founders must feel as if they have arrived. The retail-trading app’s name got tossed around at Warren Buffett’s annual Berkshire Hathaway (BRKa.N) gathering over the weekend, with Buffett sidekick Charlie Munger saying the gambling element of the app was “deeply wrong.” read more In an on-brand response, Robinhood said the last year has shown “that people are tired of the Warren Buffetts and Charlie Mungers of the world acting like they are the only oracles of investing.”
Robinhood’s users had a public battle with hedge fund types like Steven Cohen earlier this year. But Buffett has always been almost untouchable – not only separate from Wall Street but also the envy of renowned investors, who have tried to mimic Berkshire’s structure and Buffett’s success .
Both the old guard and the new guard can be partly right. Robinhood’s casino-like trading doesn’t require the rigor that Berkshire prides itself on. At the same time, the app is making investing more accessible. As any good investor knows, it takes two sides to make a market. (By Lauren Silva Laughlin)
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Earlier in Capital Calls:
Apollo treads where Verizon flubbed read more
Vote is writing on Warren Buffett’s wall read more
Westpac sets lofty M&A-style cost-cutting goal read more
Reliance spotlights a troubled consumer read more
UK is late arrival on SPAC launchpad read more
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