May 03, 2021 12:30 PM

Warren Buffett warns investors not to gamble on stocks

Posted May 03, 2021 12:30 PM

OMAHA, Neb. (AP) — Billionaire Warren Buffett is warning people not to think investing is an easy way to make a fortune and gamble on the stock market.

The billionaire answered questions at Berkshire Hathaway’s annual meeting Saturday and said it can be tough to pick the long-term winners.

He pointed out that in 1903 there were more than 2,000 car companies, and nearly all of them failed even though cars have transformed the country since then.

Buffett's firm also reported a nearly $12 billion profit in the first quarter a year after a major loss when the value of its stock investments plummeted because of the coronavirus pandemic.