Gambling on Wall Street helps Berkshire buy big · Transcript · BuffettMungerGPT

WarrenWhat happened, the market, and this is really important to understand, in the last couple of years, because our market has probably, it's always been a combination of a casino and when I talk about Wall Street, I'm talking about the whole capital formation of market, and trading market, et cetera. But the market has been extraordinary. Sometimes it's quite investment oriented, kind of like it always you've read about in the books and everything, what capital markets are supposed to do, and you study it in school and all that. And other times, it's almost totally a casino, and it's a gambling parlor. And that existed to an extraordinary degree in the last couple of years, encouraged by Wall Street because the money is in turning over stocks. I mean, people say how wonderful you've done if you bought Berkshire in, you know, in 1965 or something and held it. But your broker would have starved to death. I mean, it's, Wall Street makes money on wonderful. way or another, catching the crumbs that fall off a table of capitalism and an incredible economy that nobody could have ever dreamed of a couple hundred years ago, but that they don't make money unless people do things and that they get a piece of them. And it's, it's, and they make a lot more money when people are gambling than when they're investing. I mean, it's much better to have somebody that's going to trade 20 times a day and got all excited about just like paying, pulling the handle on the slot machine.