And what happened with stocks the last time he spoke about how investors were gambling could be a warning sign for today. Why Buffett thinks the stock market has become a casinoOne reason Buffett likened the stock market to a casino in 2026 was the surge in options trading. He also brought up the use of call options in his 2022 condemnation of Wall Street, calling the stock market "a gambling parlor." The conglomerate's cash, cash equivalents, and short-term investments in U.S. Treasuries totaled $397.4 billion as of March 31, 2026. The last time Buffett used the gambling analogyAt Berkshire Hathaway's annual shareholder meeting on April 30, 2022, Buffett also used the word "gambling" to describe the stock market.