March 31, 2026, Warren Buffett's first major interview after stepping down as CEO. 【Part 1】

#巴菲特卸任后首访
The core viewpoints are actually very focused, still following his consistent value investing framework, but more cautious in macro judgment and market attitude.
1. Core conclusion: Now is not a good opportunity; patience is more important than action
Buffett repeatedly emphasizes:
• There are no sufficiently cheap assets in the current market
• Berkshire still holds about $350 billion in cash/short-term bonds
• Continuing to wait for opportunities of “panic pricing”
👉 The essential logic:
“It's not that there’s no money to buy, but that there are no cheap enough targets worth buying.” This is actually a typical Buffett signal: the market has not yet reached the true “value zone.”
2. Market judgment: U.S. stocks are not cheap, far from bottoming out
He clearly states:
• The current decline is not deep enough
• Won’t enter the market due to short-term volatility
• The overall market is still relatively expensive
👉 The logical summary of his words is:
“It's not yet the time for me to buy in large quantities.”
This is completely opposite to many retail investors’ strategy of “buying the dip.”
3. Reflection on Apple: Sold too early, but the logic was correct
Regarding Apple, he admits he sold early but emphasizes:
• Bought even earlier (still made a lot)
• Doesn’t want a single asset to dominate the portfolio
👉 Core idea:
• Investing is not about chasing the “best entry point”
• But about risk control + portfolio structure
“I sold too early, but I bought even earlier.”
4. Macro perspective: Extremely focused on inflation, even advocating for a 0% target
This is the most “counterintuitive” point in the interview:
• He believes the Federal Reserve should set inflation targets at 0%
• His attitude towards inflation is: zero tolerance
• At the same time, emphasizes that banking system stability is equally important
👉 The essential logic:
• Inflation is an “invisible killer” of long-term compound growth
• 2% may seem low, but long-term accumulation can cause huge damage
5. Investment methodology: Never predict the market, only evaluate companies
He reiterates his old principle:
• No macro prediction, no market guessing
• Only focus on:
• Business quality
• Long-term profitability
• Whether the price is cheap enough
👉 One sentence summary:
“Judge the business, not predict the market.” #巴菲特