I think it's just a matter of terminology/framing -- large sophisticated, moneyed market participants is a "financial crisis" and smaller players getting conned/suckered/fleeced is "enabling gambling". On one hand I don't care for the moralizing and condescension but on the other hand, Berkshire has more business/market knowledge in their trashcans than I have in my head.
That said, Berkshire has always been on the side of the little guy in a sense, even if they're a bit condescending about it -- Warren Buffett has been very vocal about investing in index funds (even putting a tiny bit of his money where his mouth is and challenging fund managers to beat it) this whole time and it's been a good strategy over a very long time frame.
Now, one of the things that no one tells you about the stock market is that a LOT of players make money by front-running and middle-manning the whales (index funds, pension funds, etc), so you'd maybe think it was a trap to just make the whales bigger, but in general the strategy of just investing in broad index funds has been good regardless for individual investors.
Another thing that's been made pretty clear in the previous year is that governments will bail out businesses first in crises. One of the really crazy things that Warren mentioned was just how wide "spreads" (difference between pristine debt aka bonds and debt from struggling companies aka junk bonds) got in march of 2020 -- near/surpassing 2008. He joked that Berkshire couldn't even have floated debt in that market, which is why the Fed doing what it did was necessary. The usual arguments of businesses as "job creators" is maybe valid in some sense, but capitalism without repercussions/negative feedback is what we seem to be trying to drive hard to. Companies that are not prudent with their cash and record profits for the last 10 years of extremely loose fiscal policy should be punished. We expect individuals to save for a rainy day, why don't we expect companies to do so?
That said, Berkshire has always been on the side of the little guy in a sense, even if they're a bit condescending about it -- Warren Buffett has been very vocal about investing in index funds (even putting a tiny bit of his money where his mouth is and challenging fund managers to beat it) this whole time and it's been a good strategy over a very long time frame.
Now, one of the things that no one tells you about the stock market is that a LOT of players make money by front-running and middle-manning the whales (index funds, pension funds, etc), so you'd maybe think it was a trap to just make the whales bigger, but in general the strategy of just investing in broad index funds has been good regardless for individual investors.
Another thing that's been made pretty clear in the previous year is that governments will bail out businesses first in crises. One of the really crazy things that Warren mentioned was just how wide "spreads" (difference between pristine debt aka bonds and debt from struggling companies aka junk bonds) got in march of 2020 -- near/surpassing 2008. He joked that Berkshire couldn't even have floated debt in that market, which is why the Fed doing what it did was necessary. The usual arguments of businesses as "job creators" is maybe valid in some sense, but capitalism without repercussions/negative feedback is what we seem to be trying to drive hard to. Companies that are not prudent with their cash and record profits for the last 10 years of extremely loose fiscal policy should be punished. We expect individuals to save for a rainy day, why don't we expect companies to do so?