Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTJing PanSun, June 14, 2026 at 4:15 PM GMT+2 7 min readMoneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.Warren Buffett’s longtime business partner, the late Charlie Munger, had a reputation for being blunt when speaking with shareholders.Whether he was talking about building wealth or expressing skepticism about cryptocurrency, Munger would often speak candidly.During a 2019 shareholder meeting for his company, Daily Journal, Munger shared some choice words about day-trading influencers (1). In short, he wasn’t a fan of social media gurus teaching inexperienced investors how to trade stocks.Top PicksThe ultra-rich use these 5 real estate strategies to build wealth while they sleep — you can start with just $100The IRS usually taxes gold as a collectible — but this little-known strategy lets you hold physical bullion tax-free. Get your free guide from Priority GoldDave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s how to fix it ASAP“If you take the modern world where people are trying to teach you how to come in and trade actively in stocks, well, I regard that as roughly equivalent to trying to induce a bunch of young people to start off on heroin,” he said. “It is really stupid.”Here’s why the legendary investor was “tired” of get-rich-quick gurus.Financial misinformationFinancial literacy remains a problem nationwide. According to a 2025 Gallup poll, 42% of Americans aged 18 to 29 seek financial advice on social media (2).And survey results from the 2025 TIAA Institute-GFLEC Personal Finance Index found that only 48% of adults could correctly answer more than half the Index’s financial questions (3).Munger thought it was silly for those who are already rich to make more money from “encouraging people to get rich by trading.”“There are [also] people on TV, and they say ‘I have this book that will teach you how to make 300% a year, and all you have to do is pay for shipping,” he told shareholders. “They mislead you on purpose, and I get tired of it. I don’t think it’s right that we deliberately mislead people as much as we do.”Listening to bad financial advice can have very real consequences for those who don’t understand the risk.Rather than trust random advice from a day trader with a large Instagram following, it’s better to find an advisor you can build a direct relationship with. But finding the right finance professional to work with can feel overwhelming — and it should — trusting anyone with your money is a big deal.Advisor.com exists to bridge this gap, helping you find the best advisor for your specific needs.Terms and Privacy PolicyPrivacy & Cookie SettingsMore Info