Is it the old guard versus the newer, younger investors?
That's what Jim Cramer dives into in his newest column on Real Money.
"There is no doubt that, if we cut through the folksy talk, [Warren] Buffett and [Charlie] Munger are saying that these new millions are a bunch of fools. They both say it without an ounce of irony considering that a preponderance of these investors came in when the market was much, much lower, something that Berkshire Hathaway sure didn't do. They were sellers of $12 billion of stock and found no elephants to buy," wrote Cramer in his Real Money column on Monday.
"Why not even a momentary doff of the cap to people, especially younger people, who believed in stocks when these two did nothing? Why not an ounce of humility? Why the endless drumbeat that Robinhood has encouraged a casino environment?" Cramer continued. "I think that Robinhood has gotten many involved who would otherwise have no interest in the stock market. Will they all be fools who blow themselves up? I am sure many will, especially if they get their information from Reddit's WallStreetBets, which seems to stand for recommending three or four stocks, the same three or four stocks, none of which is that good but were at some point. That, indeed, is a ridiculous place to so-called learn, yet we hear over and over again this is where they get their information about stocks. But a lot of these young people bought shares in slivers of bitcoin and, for better or worse, they crushed it."
"I also tire of the rich telling the less well-off not to try to beat the market. In my lifetime I have seen so many people beat the market that it's astounding. I know, you could argue I only see wealthy investors. But that's just hokum. You could argue that my sample is anecdotal. That's nonsense, too," he wrote.
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