"We do not need more people gambling in non-essential instruments identified with the stock market in this country, nor brokers who encourage them to do so. What we need are investors and advisers who look at the long-term prospects for an enterprise and invest accordingly. We need intelligent commitment of investment capital, not leveraged market wagers. The propensity to operate in the intelligent, pro-social sector of capital markets is deterred, not enhanced, by an active and exciting casino operating in somewhat the same arena, utilizing somewhat similar language and serviced by the same work force."
[From letter Warren Buffett to John Dingell, Chairman of the House Subcommittee on Oversight and Investigations, in March, 1982, when Congress was considering whether to allow the Chicago Mercantile Exchange to trade futures contracts.]
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