Warren Buffett tells CNBC it's not the ideal environment to invest Berkshire's record cash hoard

Summary

Warren Buffett discusses Berkshire Hathaway's record cash hoard, stating the current environment is not ideal for deploying capital. He observes that the market is in a gambling mood with excessive speculation, especially in short-dated options. Buffett also admits he understands fewer businesses than before and relies on being smart about staying in areas he knows.

• Buffett says Berkshire is holding record cash because the environment is not favorable for investments.
• He compares the market to a church with a casino attached, noting increased gambling behavior.
• He criticizes one-day options as pure gambling, not investing.
• Buffett says he understands fewer businesses than a decade ago and does not have an edge in new industries.
• He reiterates the importance of knowing when to do nothing and waiting for the right opportunities.
• He mentions the Avis squeeze as an example of irrational price moves.