Warren Buffett warns market is a casino as Berkshire holds $397 billion in cash

The 95‑year‑old investor Warren Buffett told CNBC that today’s market is dominated by gamblers rather than traditional investors. He highlighted that Berkshire Hathaway’s cash reserves have risen to a record $397.4 billion, up 6.5 % in the first quarter, after selling $24.1 billion of stock and buying back only $16 billion. Most of the cash sits in short‑term Treasury bills earning about 3.7 %, generating roughly $12 billion in annual interest. Buffett dismissed Bitcoin as a mere token in a gambling game, not a serious investment.

In a separate interview, Buffett credited much of his personal fortune – roughly $147 billion – to luck and the advantages of his background rather than genius. He reflected on his early exposure to securities through his father, his long‑term investment horizon, and the role of compounded returns over decades. While acknowledging his success, he warned investors to wait for market discounts rather than chase hype.