Warren Buffett went on CNBC this month and said what he has been saying for sixty years. He cannot find much worth buying. Berkshire is sitting on close to four hundred billion dollars in cash. His line was blunt: “It’s tough to find values when everybody is preferring gambling.”
Buffett has long described the market as a church with a casino attached. The church is where patient investors wait for a fair price on a good business. The casino is where everyone else piles in to bet on the next hot thing. In his eyes the casino has taken over, so he does what he has always done. He waits. He may wait years. By his own count, only a handful of years in his long life were what he calls juicy.
Understand something. Buffett is not wrong. His discipline is real and his record is beyond argument. If you have his temperament, his time horizon, and a few hundred billion to sit on while you wait, go do exactly what he does. But most people reading this do not have any of those three things, and here is the trap. They admire Buffett, they try to copy the find-value-and-wait part, and they end up doing neither. They cannot value a business the way he can, so they guess. Then they cannot sit still, so they gamble. They wind up in the casino wearing church clothes.
There is a third door, and it is the one I have spent my life on. The trend follower does not sit in the church calculating what a business is truly worth. He does not sit in the casino betting on stories. He watches price and he follows it. He does not need to know what anything is worth. He needs to know which way it is moving and whether he is on the right side of the move. When price trends, he is in. When it turns, he is out. Value never enters the conversation.
That is the part worth taking into your own trading. Buffett’s method asks you to be right about worth and patient beyond belief. Trend following asks you to be honest about price and disciplined about risk. One of those is a temperament you are mostly born with. The other is a process you can learn and repeat, and it is the process we build with people inside Trend Following Mastery. You will never out-Buffett Buffett. You do not have to. You can follow price instead.
So when the smartest value investor alive says he cannot find anything to buy, do not take it as a cue to freeze or to gamble. Take it as a reminder that his game is not the only game and his door is not the only door. The trend does not require you to know what a thing is worth. It asks you to pay attention and to act on a rule instead of a feeling. Buffett will keep waiting in the church. The crowd will keep losing in the casino. You have a third option. Use it.
Stay systematic.
P.S. Keeping what a trend hands you is a skill, not a personality, and the Trend Following Mastery course teaches the entry, the exit, and the risk discipline that holds up when the easy money stops. The Bull, Bear & Black Swan Report keeps that same thinking in front of you every month, research instead of prediction.
Source: Warren Buffett, CNBC “Squawk Box,” July 2026.
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