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first_img Buffett on Wall Street's speculative frenzy: The current market is like a church with a casino attached, which could lead to a long-term high in asset prices

According to Gelonghui, Buffett responded in an exclusive interview with CNBC regarding "Berkshire currently holding about $380 billion in cash, and the market is highly concerned about why it has not made large-scale acquisitions or investments": the prices are too high, and there are too few targets.Buffett stated, "Now is not our ideal environment for deploying cash for Berkshire." He emphasized that the company has the right management team to selectively choose opportunities: "Sometimes we do nothing, but sometimes we are very active."When discussing the current macro stock market environment, Buffett used the metaphor of "a church with a casino" to describe the speculative atmosphere on Wall Street. People can move between the church and the casino, with more people in the church than in the casino, but the casino has become very attractive to people.He pointed out, "If you are buying and selling single-day options, that is not investing, nor is it speculation; it is outright gambling." Referring to a recent case where a U.S. soldier used confidential information about military operations in Venezuela to profit $400,000 in the prediction market, he said: unless one knows when we will strike into Venezuela like that person, no one can explain why they would buy a one-day option; the number of such occurrences is astonishing.We have never encountered a crowd with a greater propensity for 'gambling' than now. Buffett further noted that the surge in gambling enthusiasm does not necessarily mean the market will collapse, but it will lead to a long-term high price for many assets.

Brazil passes new law: Confiscated cryptocurrency assets will be used for public safety expenditures, increasing efforts to combat crime

Brazilian President Lula has signed Law No. 15,358, which explicitly incorporates seized cryptocurrency assets during law enforcement into the public safety funding system for expenditures such as police equipment, intelligence operations, and personnel training.The law allows for the temporary use of relevant cryptocurrency assets prior to final conviction with court approval. The new regulations also significantly expand the powers of judicial authorities, allowing them to freeze, block, or confiscate cryptocurrency assets during the investigation phase, including restricting access to exchange accounts, digital wallets, and related platforms. Once convicted, the individuals involved will be permanently deprived of the ability to use the formal financial system and cryptocurrency systems. Additionally, the law categorizes the use of encrypted communication tools or privacy technologies to conceal criminal activities as an aggravating circumstance, promotes cross-border asset recovery and intelligence sharing, and establishes a national database to integrate the financial structures of criminal organizations. Analysts believe that this initiative marks Brazil's shift of cryptocurrency assets from potential reserve tools to law enforcement resources, strengthening the crackdown on organized crime (such as PCC and Comando Vermelho) while advancing the judicial system's regulatory and disposal capabilities regarding digital assets.
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