Warren Buffett, arguably the most famous investor in the history of the modern world, is calling it quits. The illustrious career of the “Oracle of Omaha” concludes as Americans are gambling more than ever, a reality the 96-year-old billionaire has frequently criticized.
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If you’re buying or selling one-day options, that is not investing. It is not speculating. It is gambling,” Buffett said during an interview with CNBC. “There’s nobody who can explain why they’re buying an option for one day.”
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In his 2022 letter to shareholders, Buffett discouraged the rise of mobile trading apps that allow investors to participate more easily in day trading and short-term positions. Buffett blamed the apps for turning the stock market into a “gambling parlor.”
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Buffett wasn’t always so anti-gambling. Before sports betting expanded across the country, Buffett regularly put up $1 million for any Berkshire Hathaway employee who returned a perfect NCAA March Madness men’s bracket.
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