Buffett and Munger heap criticism on Robinhood for casino-like atmosphere

A 3d printed Robinhood logo is seen in front of displayed GameStop logo in this illustration taken February 8, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) - Warren Buffett on Saturday likened the millions of inexperienced day traders who entered the stock market in the past year to gamblers, and said commission-free brokerages such as Robinhood Financial for promoted a casino-like atmosphere.

Speaking at Berkshire Hathaway Inc's annual meeting, Buffett said Robinhood has attracted, "maybe set out to attract," a large number of people who are just gambling on short-term price movements in stocks such as Apple Inc.