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Munger: Robinhood's 'unraveling' is God's justice

Buffett & Munger2022-05-02video1:56Open original ↗

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SpeakersCharlie3Questioner2
CharlieIt's so easy to overdo a good idea. That's what's going on now. You have a lot of good ideas that are being grossly overdone. Just tell me about one that hasn't been, but tell me later when the crowd isn't listening. Well, look what happened to Robin Hood, from its peak to its draught. Wasn't that pretty obvious that something like that was going to happen? Robin Hood, when it came out and it went public and got alert everybody in all the short-term gambling. big commissions and hidden kickbacks and so on and so on. It was disgusting.
QuestionerYeah. And it says the last year and they got mad at you and they sold a bunch of their stock and they got the money and...
CharlieYeah, but now it's unwaveling. God is getting just. But a lot of the insiders have gotten, no, but they've gotten a lot of money from it. I mean, they were big sellers as I remember. That may be, but... Yeah. There's been some justice.
QuestionerWell, I have to agree with that, but... Well, it's a good idea to go around making enemies of people, though. That's another question, which we do. Is it wise to criticize people at all? Probably not, but I can't help it.
CharlieWell, and here's the smartest guy knowing he's 98, and he hasn't figured it out yet. So, I mean, give up. Enjoy it.