Billionaire Warren Buffett warns investors not to gamble on stocks

OMAHA, Neb.: Billionaire Warren Buffett warned people not to think investing is an easy way to make a fortune as he answered a variety of questions at Berkshire Hathaway’s annual meeting Saturday.

Buffett said it can be tough to pick the long-term winners. He pointed out that in 1903 there were more than 2,000 car companies, and nearly all of them failed even though cars have transformed the country since then.

“There’s a lot more to picking stocks than figuring out what will be an incredible industry in the future,” said Buffett, who is known for his remarkably successful investing record. “I just want to tell you that it’s not as easy as it sounds.”