Warren Buffett Recently Called the Stock Market "A Church With a Casino Attached." Is He Right?
The Oracle of Omaha has always had a cleverly worded way of explaining how the market's behaving at the time.
Overview
Echoing an observation he's made more than once as one of the world's most-heralded stock pickers, in an interview given at Berkshire Hathaway's (NYSE: BRKA) (NYSE: BRKB) annual shareholder meeting held in May, retired CEO Warren Buffett likened the current stock market to "a church with a casino attached."
In other words, the foundation for sound and solid investing is still in place, but "we've never had people in a more gambling mood than now."
Details
It's getting in the way of Berkshire's performance, too. As he recently told CNBC's Becky Quick, "It's tough to find values when everybody is preferring gambling." And Berkshire Hathaway's current cash hoard of $397 billion confirms that both he and current Berkshire CEO Greg Abel believe what Buffett's saying.
Source
Originally published at www.fool.com.