“I don’t think we ever had anything quite like we have now in terms of the volumes of pure gambling activity going on daily,” Mr.Buffett said Saturday of the markets over the past few years. The Wall Street Journal has additional quotes in it’s piece Warren Buffett Says Markets Have Become a ‘Gambling Parlor’. “It’s almost a mania of speculation,” Charlie Munger, 98.He cited soaring use of call options, saying that brokers make more money from these bets than simple investing. Large American companies have “became poker chips” for market speculation.
They make a lot more money when people are gambling than when they are investing.”.“Wall Street makes money, one way or another, catching the crumbs that fall off the table of capitalism.”.
