Sunday, July 31, 2016
Warren Buffett On Gambling
What we should remember is that the stock market and investing not only are gambling, but actually forms of gambling that in many cases actually are worse than traditional gambling. All stocks will eventually be worthless and all private companies will sooner or later surely disappear. People who gamble know about the risk they are taking, but people who invest in stocks often forget that the risk is huge and that their stocks suddenly could become worthless and even overnight, which is not uncommon. Stock markets regularly crash in general and so do individual stocks. People addicted to the stock markets means you are going to have more crimes. We have no difference here compared to other forms of gambling like betting or casinos. Personally, I even think that the stock markets - because they concentrate all wealth to the top 1 % - are more harmful for the society at large than casinos, which are places for entertainment and fun.