Wall Street Today | Warren Buffett says markets have become a 'gambling parlor'

This Wednesday, officials are to announce plans on how they will shrink those holdings. Expect the process to be faster and potentially more disruptive to financial markets than last time.
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The yield on the 10-year U.S. Treasury note logged its biggest monthly increase in more than a decade in April, lifted by mounting expectations for higher interest rates that have deepened the pain for debt investors.
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Consumer-product makers and retailers say people are favoring discount brands and cutting back on some big-ticket purchases like mattresses as rising prices squeeze their buying power.
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The National Association of Realtors now predicts existing-home sale will decline 9% in 2022.
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The $Berkshire Hathaway-B(BRK.B.US)$ annual shareholders meeting returned to a live, in-person format for 2022, after a two-year pandemic hiatus moved the so-called "Woodstock for Capitalists" online. Warren Buffett addressed the company's massive stock purchases in the first quarter, the performance of its collection of businesses, and added his signature folksy anecdotes and life advice.
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"It's a gambling parlor," Mr. Buffett said Saturday of the markets over the past few years. He added that he blamed the financial industry for motivating risky behavior among investors. While he finds speculative bets "obscene," the pickup in volatility across the markets has had one good effect, he said: It has allowed Berkshire to find undervalued businesses to invest in again following a period of relative quiet.
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The vice chairman of $Berkshire Hathaway-B(BRK.B.US)$ blasted the trading platform while addressing thousands of shareholders at the company's annual gathering in Omaha, Neb., on Saturday. He said Robinhood is losing ground since going public in July 2021.
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