Charlie Munger on early 2021 speculative frenzy

The frenzy is fed by people getting commissions and other revenues out of this new bunch of gamblers, and, of course, when things get extreme, you have things like that short squeeze … and it’s really stupid to have a culture which encourages [so] much gambling in stocks by people who have the mindset of racetrack bettors and, of course, it will create trouble, as it did.

~ Charlie Munger, "Charlie Munger says it’s ‘really stupid to have a culture which encourages [so] much gambling in stocks’," MarketWatch, February 25, 2021