Warren Buffett, the former CEO and chairman of Berkshire Hathaway, held nothing back in his criticism of a market that, in his view, has come to resemble a casino — one where investors pile into gambling-style bets instead of thinking with a long-term horizon.

Speaking to CNBC’s Becky Quick, Buffett took aim at a stock market that he argues is increasingly driven by speculation.

It is, he noted, «hard to find value when everyone would rather gamble», said the Oracle of Omaha.

«A church with a casino attached»: a long-running critique

The founder and chairman of Berkshire Hathaway had already delivered a scathing verdict on equities earlier this year, when he compared the market to «a church with a casino attached» — singling out, in particular, the boom in options that expire the same day they are traded (so-called 0DTE options), which he sees as a textbook case of speculation.

At 95, Buffett reiterated that, in this environment, genuine investment opportunities have grown increasingly scarce.

A lifelong champion of value investing, Buffett stressed that a true investor must remain patient and disciplined.

Buffett on markets: scarcity should be the norm

Speaking again to CNBC: «There are periods when opportunities come at you one after another at incredible speed. And then there are other times when you’re very, very lucky if you can find a single good opportunity over a couple of years.» The point, he added, is that «it should always be this latter situation that prevails.»

The problem lies in human nature itself, with a result that is plain for all to see: «Because human beings like to gamble so much, you make more money cultivating gamblers than training investors.»

The Oracle has returned to the spotlight in recent days with a series of statements, including his personal decision to exclude the Gates Foundation — for the first time in 20 years — from the annual stock donations that Berkshire Hathaway makes each year.

Buffett’s big regret: buying Alphabet too late

In the CNBC interview, Buffett also offered a mea culpa over an investment he believes he should have spotted far sooner: Berkshire Hathaway’s stake in Big Tech name Alphabet, the holding company behind Google and a member of the «Magnificent Seven».

It was Buffett himself, he clarified, who decided to start building the Alphabet position — not Greg Abel, the current Berkshire CEO and his chosen successor.

Berkshire’s stake in Alphabet is currently worth roughly $31 billion.

Buffett’s regret? Not having bought the shares sooner: «I made a mistake,» he said.

Still on Alphabet, Buffett said he believes the giant has «a much better chance of being a winner, based on its history and its track record, than probably 90% or 95% of what gets promoted and sold on Wall Street.»

Berkshire Hathaway has, moreover, kept loading up on Alphabet shares — so much so that its purchases of the stock were the most significant moves the holding company made over the past quarter, growing to account for 6% of the total portfolio of Buffett’s conglomerate.

Editor’s note

This article was originally published in Italian on money.it by Laura Naka Antonelli on July 16, 2026 as «Warren Buffett contro la Borsa casinò, «Mercati da gioco d’azzardo». E ammette il rimpianto su Alphabet». It has been translated and adapted for an international audience by the Money.it International desk.