Warren Buffett's Opinion on Gambling

Over the years, Warren Buffett earned the respect of people all around the world for his ability to look at the economics of the country. Now, this is the third historical wave of gambling in America, it is a boom cycle now. Warren will share some of the insights that he has about gambling. He gets insights from gambling every day, he gets dozens of letter almost daily from people that have financial difficulties for one reason or another. There are three top reasons: health problems, getting in trouble on credit cards and addiction of gambling, where they lose thousands and thousands tens of dollars and they just can’t get off the hook and so they find themselves in enormous financial trouble sometimes.

Warren Buffett thinks that this is wrong and cynical. That money is transforming, basically if you take the losses of everybody that participates in gambling, it will end up going in three places. It will end up going to the state as taxes, it will end up paying part of the operating expenses of the operation, and it will go to the owners. Most of the money will go for the profits. He thinks that if you have a large group of people addicted to gambling or to drugs, you are going to have more crimes because these situations get people in impossible situations.

Warren Buffett quotes from this video:

  • The players are the losers.
  • Position of the state of Nebraska should not be to create a whole lot more people like the people that are writing to me those letters.
  • Addictions produces crimes
Submitted by YouTube Trader on Tue, 04/06/2010 - 17:08

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