Buffett: The current investment environment is not ideal; the real buying opportunity is "when no one else is answering the phone."

According to Gelonghui, Buffett admitted in an interview that the current investment environment is not ideal, and the high market prices are one of the main reasons he is holding back. He also acknowledged that as he ages, the proportion of industries he can deeply understand is not as high as it was ten years ago—he no longer expects to have an advantage in areas where young people who have grown up with new technologies excel.

Nevertheless, he emphasized that Berkshire has the ability to make quick decisions and can handle transactions of any size, but is just waiting for the right opportunity.

Buffett stated that the most likely buying opportunity is when everyone else is not answering the phone. In his 60-year career, there may have only been five years that were truly "lucrative." He recalled the real Wall Street ecology during market crashes: everyone boasts about their excellent trading departments. But when the market crashes, good luck trying to reach them; they simply do not answer the phone. Even if they do answer, the quotes and asking prices come with various conditions, and the bid-ask spread is enormous.

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