Robinhood struck back at Warren Buffett on Monday after the legendary investor said over the weekend that the online brokerage played a significant part in the “casino aspect” of the market.
“People are tired of the Warren Buffetts and Charlie Mungers of the world acting like they are the only oracles of investing,” Robinhood head of public policy communications Jacqueline Ortiz Ramsay said in a blog post. “Robinhood and other online trading platforms have opened the doors of financial markets to everyday people, deeply unsettling the old guard who will fight to keep things the same.”
A majority of Robinhood customers are buying shares and holding them as everyday investors build their nest eggs, Ortiz Ramsay said.
“At Robinhood, we’re not going to sit back while they disparage everyday people for taking control of their financial lives,” she added.
Meanwhile in Chicago, the wirehouse also lost another $454 million team as a group of defectors moved to Wells Fargo.
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Financial services compliance consultant ACA Group told InvestmentNews it had four clients report receiving emails that impersonated David Bottom, the SEC's chief information officer, with smaller firms being targeted.
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Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
