Warren Buffett, his longtime business partner Charlie Munger, and Bill Gates are no fans of high-frequency trading.
In a live appearance featuring the three men on CNBC Monday morning, Munger said, "It's the functional equivalent of letting rats into a granary" and "does the rest of the civilization no good at all."
Gates, a Berkshire Hathaway board member and chairman of Microsoft, agreed. "It doesn't seem like it's much value-added because when you really need the liquidity it's not guaranteed to be there... It seems like a strange sort of profit."