Buffett's protégé warns of risky market speculation — compares meme-stock boom to Dutch tulip bubble | Businessinsider

Kanbrick cofounder Tracy Britt Cool compared the meme-stock boom to the Dutch tulip bubble.

"While both speculating and gambling can produce great payoffs and a sea of endorphins, heartbreak is almost sure to eventually follow," the pair continued."Memes and social media are modern inventions, yet our underlying human psychology hasn't evolved much since the Tulip mania of the 1630s." "The siren song of promoters has just become more sophisticated at separating investors from their wallets," they added.

Buffett has struck a similar chord in letters and interviews over the years. The Berkshire Hathaway CEO has urged investors not to treat the stock market like a gambling parlour, place bets with borrowed money, or fall for the promises of shameless promoters. Britt Cool joined Berkshire in 2009 as Buffett's financial assistant, and went on to chair the boards of several Berkshire subsidiaries and serve as the CEO of another one, Pampered Chef. She left the conglomerate to launch Kanbrick, a private equity firm that

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