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On Saturday, Warren Buffett warned that financial markets are increasingly being driven by speculation rather than long-term investing, saying he has "never had people in a more gambling mood than now."
Speaking in a CNBC interview during Berkshire Hathaway Inc.’s annual shareholders meeting, the longtime investor criticized the surge in short-term trading behavior, particularly the rise of options trading and prediction-style bets.
He described modern markets as resembling "a church with a casino attached," adding that the casino side has become far more prominent.
Buffett said, "That's not investing. It's not speculating. It's gambling, just totally," referring to one-day options trading and other high-frequency strategies gaining popularity among retail investors.
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He also noted that over six decades in markets, only a small number of years offered meaningful investment opportunities.
As a result, Berkshire Hathaway has accumulated nearly $400 billion in cash, as Buffett continues to find assets largely overvalued.
Despite stepping down as CEO at the end of last year, Buffett remains involved in Berkshire's investment decisions and reiterated his long-standing approach of patience.
He said the best opportunities often come when markets are collapsing and others are fearful.
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Earlier, Buffett said Greg Abel was chosen as his successor at Berkshire Hathaway for his discipline, cultural fit and ability to preserve the company's long-term principles.
At the 2025 shareholder meeting, Buffett stressed that Abel's job is to protect Berkshire's culture of trust, patience, and careful capital allocation rather than chase change or personal recognition.
Buffett also reinforced his broader investing philosophy, saying success depends more on temperament and patience than intelligence.
He warned against impulsive behavior driven by market volatility and stressed the importance of finding work that aligns with one's strengths.
Buffett has consistently advised maintaining emotional discipline and avoiding crowd-driven decisions.
In earlier remarks from 1999, Buffett said he would invest $10,000 in smaller, overlooked companies and rely on long-term growth through compounding. He emphasized independent thinking and trusting one's own judgment.
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