Warren Buffett at Berkshire Hathaway's 2026 annual meeting described market speculation as "gambling" and warned that an unprecedented "gambling mood" could lead to many asset prices looking "very silly." Berkshire Hathaway ended Q1 2026 with a record $397.4 billion in cash, cash equivalents, and short-term Treasury bills. Additionally, the "Buffett indicator" (total U.S. stock market value to GDP) exceeded 234% as of late July, and the Shiller CAPE ratio stood above 41.9, both indicating high market valuations.