Buffett Warns of 'Gambling Mood' as S&P 500 Hits Records, Echoing Burry Alert

Warren Buffett cautioned at Berkshire Hathaway’s annual meeting that investors are in a 'gambling mood' with the S&P 500 at record highs, up ~8% YTD, and Shiller P/E at its highest since the early 2000s. This follows Michael Burry's Substack warning the prior day about equities nearing a turning point amid stretched valuations after three years of above-average returns and a Q1 recovery. Both icons highlight elevated risks, potentially prompting defensive positioning despite the rally.