UBS managing director and senior portfolio manager Jason Katz, while discussing Berkshire Hathaway CEO Warren Buffett criticizing the zero-commission Robinhood share-trading app for encouraging a “gambling impulse,” told FOX Business’ “Varney & Co.” that young investors are learnings some “very expensive lessons.”
WARREN BUFFETT SAYS TRADING PLATFORMS LIKE ROBINHOOD ENCOURAGE A ‘GAMBLING IMPULSE’
JASON KATZ: Buffett’s comments were so misconstrued over the weekend; he’s a long-term value creator and he was just trying to pontificate to younger new investors to delineate between speculation and investing.
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This is history repeating itself. It’s young people learning some very expensive lessons. And, by the way, I was one of those young people, and those were expensive lessons that I cherish because it [sic] made me the advisor and the investor I am today. So I do think there’s a silver lining in this great cloud of people speculating on stocks online.
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People are thinking first and acting second, and it’s terrific that information has been commoditized. It’s great that you can act on it for free, but this is not a game – this is retirement, this is your vacation, this is your education for your family – so don’t treat it as such.