‘It’s hard to find value when everyone prefers to gamble’

Warren Buffett criticized the stock market for being driven by speculative trading rather than long-term investment.

“It’s hard to find value when everyone prefers to gamble,” Buffett told CNBC’s Becky Quick.

president Berkshire Hathaway There was a sharp remark in the stock market early this year. Last May, he likened it to “a church with a casino” and specifically called the surge in daily options trading “gambling.”

This year, the stock market hit an all-time high amid concerns such as an energy shock caused by the war with Iran. Skeptics say there is too much speculation in stocks linked to artificial intelligence deployments and vehicles such as options and leveraged exchange-traded funds (ETFs) are adding fuel to the fire. The stock is increasingly attracting retail traders who buy shares of the memory chip maker. micron And the recent initial public offering (IPO) SpaceX.

The 95-year-old billionaire investor, known for his steadfast adherence to value investing, expressed his belief that the most meaningful investment opportunities are few and far between, requiring patience and a disciplined approach.

“There are times when opportunities are thrown at you so fast you can’t believe them,” the Berkshire chairman said. “And sometimes you’re very lucky if you find one within a few years. And the latter should always prevail.”

“But humans love gambling so much that it actually costs more money to train gamblers than to train investors,” he said.