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Buffett criticized investment banks and brokerages to a crowd of tens of thousands of investors at his annual shareholder meeting at Omaha Arena, saying that Wall Street makes ‘a lot more money when people are gambling than when they’re investing.’
‘Wall Street makes money, one way or another, catching the crumbs that fall off the table of capitalism,’ he said. ‘They don’t make money unless people do things, and they get a piece of them.’
Large American companies have become ‘poker chips’ for market speculation, he said, citing an increase in call options and said brokers make more money off bets than simple investments.
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https://www.dailymail.co.uk/news/article-11020505/Warren-Buf…
Desert (CVX, XOM, T, BNS, BKH, ED, ATGFF, NI, NWN, TRP, ENB, WRE, WGL, XEL, DUK, SO & KO) Dave