Warren Buffett rips Wall Street for turning the stock market into ‘a gambling parlor'

May 04, 2022

Berkshire Hathaway CEO Warren Buffett lambasted Wall Street for encouraging speculative behavior in the stock market, effectively turning it into a "gambling parlor."Buffett, 91, spoke at length during his annual shareholder meeting Saturday about one of his favorite targets for criticism: investment banks and brokerages."Wall Street makes money, one way or another, catching the crumbs that fall off the table of capitalism," Buffett said.Still, the situation can result in market dislocations that give Berkshire Hathaway an opportunity, he said."That's why markets do crazy things, and occasionally Berkshire gets a chance to do something," Buffett said.