RESOLVING THE LEDGER
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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."
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.
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