Warren Buffett hasn’t really hidden the fact that he’s not a big fan of the current market environment.

He’s said that investing in U.S. stocks at current valuation levels is like “playing with fire.” He said that the recent pullback in the S&P 500 (^GSPC +0.00%) earlier this year was “nothing” and not even close to the level that would have motivated him to put Berkshire Hathaway‘s cash to use.

At the 2026 Berkshire Hathaway shareholder meeting, the now-retired CEO added another quote to the growing list in case anybody was still unsure of his position: “We’ve never had people in a more gambling mood than now.”

Now, to be clear, I don’t consider those who buy stocks or exchange-traded funds as part of an automatic investment plan,…