Billionaire investor Warren Buffett and his business partner Charlie Munger had harsh words during Berkshire Hathaway’s most recent annual general meeting for the way Wall Street firms encourage excessive risk taking when the market is hot.

“Wall Street makes money, one way or another, catching the crumbs that fall off the table of capitalism,” Buffett said, during the meeting held on Apr 30. He added: “They make a lot more money when people are gambling than when they are investing.”

Munger specifically took aim – and not for the first time – at online brokerage platform Robinhood, criticising it for having promoted “short term gambling” among small-time investors. “It was disgusting,” he said.