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Warren Buffett sat for a surprise backstage interview with CNBC’s Becky Quick during Berkshire Hathaway’s annual shareholder meeting in Omaha, Nebraska, where the conversation was broadcast live to a crowd of thousands at the CHI Health Center.
Buffett said the current environment is “not an ideal environment” for deploying cash. He pointed to market performance over the past five years, noting that the S&P 500 has risen 27% to record highs above 7,200 points, while Berkshire shares have fallen 8% over the same period.
He also highlighted Berkshire’s recent selling activity and cash accumulation. Buffett said Berkshire sold a net $8 billion worth of stocks last quarter, increasing its cash reserves to a record $380 billion at the end of March.
In response to the challenging market and the company’s larger cash position, Buffett said Berkshire has the right people and is prepared to “pick our spots.” He added that, over the past 60 years, only five of those years have been “really been juicy.”
Buffett reiterated his focus on investing within his “circle of competence,” saying he has not learned about any new industries in the past decade and does not plan to change that. He described the market as “a church with a casino attached,” contrasting long-term investors focused on company fundamentals with speculators.
He said the “casino” has become more attractive as short-term trading has expanded and leverage has been used more aggressively. Buffett argued that buying one-day options—or selling them—is not investing but “gambling,” adding: “We’ve never had people in a more gambling mood than now.”
Buffett also criticized what he called “wonderful trading departments,” saying they often shut down during crises. “Just try them out when the market is collapsing,” he said, adding that if they pick up the phone, they will use any information provided to “go out and kill you some other way.”
He compared the experience to “going to a slaughterhouse,” saying it makes you “not” want to eat hot dogs for a while.
Buffett shifted from market conditions to broader concerns, describing the threat posed by countries with nuclear weapons and the risk that something could “fall out of the sky” at any moment. He said it is important to be aware of the danger, but added that it does “no good to worry about it.”
Buffett lightened the mood with remarks about his limited travel in recent years, and when asked about meeting new managers of some of Berkshire’s key holdings, he quipped: “I haven’t met the old managers.”
He also joked about marriage, referencing the divorce rate, and noted that—along with Charlie Munger—he is known for saying a person’s choice of spouse is among the most important decisions in life.
Buffett briefly commented on deepfakes and other imitation technologies, calling the trend “scary,” particularly given that several countries possess nuclear weapons.
In his final remarks, he pointed to America’s longevity and enduring appeal as a place to live, and reiterated his faith in the “golden rule,” which Quick clarified as the biblical advice: “Do unto others as you would have them do unto you.” Buffett said he has “never seen anybody unhappy” who behaves that way.
Quick ended the conversation to applause and whoops with the words: “Warren Buffett, the chairman of Berkshire Hathaway.”
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