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4/30, 5:43 PM (Source: TeleTrader)
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Buffett: Stock markets becoming 'casinos'

Billionaire Warren Buffett asserted on Saturday, during the Berkshire Hathaway annual meeting, that the stock markets have started resembling a "casino" or a "gambling parlor" in the past two years "to an extraordinary degree."

Buffet stated that Wall Street is generating profit off of the greed of new traders and is encouraging it. He stated that "the market is a combination of a casino and an investment" where people are "gambling." "They make a lot more money when people are gambling than when they are investing," underscored the Berkshire CEO.

Earlier, Buffet's Berkshire Hathaway Inc. reported that its net earnings in the first quarter of 2022 saw an annual decrease of 53% to stand at $5.46 billion.

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