In a recent, wide-ranging interview, the Oracle of Omaha takes aim at speculative frenzies, admits he personally greenlit the Alphabet stake, doubles down on Apple, and weighs in on the new Fed chair—and his longtime friend Bill Gates.

"When Everyone Wants to Gamble, Value Gets Hard to Find"

Warren Buffett didn't hold back in his latest conversation, blasting today's market environment as increasingly driven by speculative trading rather than long-term fundamentals.

"When everyone prefers gambling, it's very difficult to find something of real value," he said.

It's not the first time this year he's sounded the alarm. Back in May, he famously likened the stock market to "a church with a casino attached," singling out the explosion of zero-day options as pure "betting."

Despite geopolitical jitters—including ongoing energy shocks from the Iran conflict—U.S. major indexes have kept hitting new all-time highs. To Buffett, that disconnect is a warning sign.

He pointed to overheated pockets in AI infrastructure stocks, amplified by leveraged ETFs and speculative options trading, while retail investors pile into names like Micron Technology and even recently listed SpaceX shares with near-religious fervor.

Against that backdrop, the high priest of value investing offered his familiar but timeless prescription: patience and discipline.

"Opportunities can appear so fast you can't grab them—it's almost unbelievable. But other times, if you find one good idea in a few years, you're already lucky. Ideally, the latter should always dominate."

Then came the kicker:

"Because humans love to gamble so much, the money raised by cultivating gamblers actually exceeds the money raised by cultivating investors."

The Google Admission: "I Made the Call—and I Made a Mistake"

In a striking disclosure, Buffett confirmed that Berkshire Hathaway's recent big stake in Alphabet—Google's parent—was his personal initiative, not the work of his designated successor, Greg Abel.

"I initiated it," he said flatly. But he added: "I wouldn't do anything he wouldn't approve of, and he wouldn't do anything I wouldn't approve of. We talk constantly—but the final decision-maker is him."

Berkshire first revealed its Alphabet holding in the third quarter of 2025 and has been adding ever since, even participating in a $10 billion private placement earlier this year.

"The trick in life—and I mean the trick in investing—is to find businesses that can earn high returns on capital for a very long time," Buffett explained.

Then came the mea culpa: "I made a mistake not investing in Google earlier."

He admitted that back in 2018, despite seeing Google's ad success firsthand through Berkshire's own Geico insurance unit, he wasn't sure the tech giant could remain a long-term winner in a fast-changing industry.

Yet even now, with Google as a major holding, Buffett stopped short of calling it a favorite.
"I'd say I like it less than at least four or five other businesses we own."

His worry? The staggering capital requirements in the AI race.

"Google and all its rivals now have a real problem—they're pouring hundreds of billions of dollars into this. That's real money. When they were developing computer software, they weren't playing that kind of game."

Apple: Still "The One" He Loves Most

Even with news that Tim Cook is set to step down, Buffett made it crystal clear: Apple remains his top-tier pick.

"I understand Apple much better today than I did years ago," he said.

"If you're a company like Apple, you have incredibly smart people all over the world, constantly working and thinking to make sure its future is as bright as its past."

That enduring conviction speaks volumes—especially from an investor who famously avoids tech unless he sees a moat he can trust.

On the New Fed Chair: "Kevin Warsh Is a Good Choice"

Buffett offered measured praise for new Federal Reserve Chair Kevin Warsh, who held his first policy meeting in June and immediately signaled a shift in framework while holding rates steady.

"I think he'll do his best to deliver on the mandate—2% inflation and maximum employment. He won't be perfect, just like I know I can't perfectly manage other people's money and consistently beat the market."

Then, a touch of grace:
"Kevin cares about this country. I think a lot of people do. That doesn't mean their decisions are always right—but sometimes, these decisions are genuinely hard."

Gates and Epstein: "Distasteful, but I Can Imagine Making the Same Mistake"

A day before the interview, Buffett made headlines by halting his two-decade annual donations to the Bill & Melinda Gates Foundation. In this conversation, he addressed the elephant in the room: Bill Gates's association with the late financier Jeffrey Epstein.

"I've read a lot this year about Bill and Epstein," Buffett said.

"It's distasteful. And yes, he made mistakes—but I've made mistakes too—hiring the wrong people, choosing friends who turned out not to be who I thought they were. I can imagine myself making the same kind of error."

He confirmed they remain in touch, adding: "He came to Omaha three weeks ago—we talked for three hours. He plans to call me again... he's already proposed we meet again."

Bottom Line from the Sage:

• Markets are drunk on speculation—stay sober.
• Great businesses with durable moats are rare; when you find one, hold tight.
• Even legends err—but owning your mistakes is part of the game.
• And sometimes, the best investment is simply patience.