UBS managing director and senior portfolio manager Jason Katz, while discussing Berkshire Hathaway CEO Warren Buffett criticizing the zero-commission Robinhood share-trading app for encouraging a "gambling impulse," told FOX Business' "Varney & Co." that young investors are learnings some "very expensive lessons."
JASON KATZ: Buffett's comments were so misconstrued over the weekend; he's a long-term value creator and he was just trying to pontificate to younger new investors to delineate between speculation and investing.
This is history repeating itself. It's young people learning some very expensive lessons. And, by the way, I was one of those young people, and those were expensive lessons that I cherish because it [sic] made me the advisor and the investor I am today. So I do think there's a silver lining in this great cloud of people speculating on stocks online.
People are thinking first and acting second, and it’s terrific that information has been commoditized. It’s great that you can act on it for free, but this is not a game – this is retirement, this is your vacation, this is your education for your family – so don’t treat it as such.