Warren Buffett, speaking at the 2026 annual meeting of Berkshire Hathaway, expressed concern over the rising 'gambling' culture in financial markets. He noted that speculative trading, particularly in ultra-short-term instruments like one-day options, is distorting asset prices and increasing risks for investors. Buffett described the current market landscape as resembling 'a church with a casino attached', highlighting a significant shift from traditional investing to short-term speculation. He warned that this trend could lead to irrational valuations, where many asset prices may seem unjustifiable in hindsight. Despite these concerns, Buffett reaffirmed his belief in long-term investing, advocating for patience and emotional discipline. He pointed out that Berkshire Hathaway is currently holding a record cash reserve of around $380 billion, indicating a cautious approach to market conditions. Buffett's message serves as a reminder to investors to resist the allure of speculative trading and focus on fundamental value.