"In my judgment, a very high percentage, probably at least 95% and more likely much higher, of the activity generated by these contracts will be strictly gambling in nature."
Forbes has obtained a copy of Buffett's March 5, 1982, letter to Rep. John Dingell, D-Mich., laying out the risks to the nation that were, of course, largely ignored. In the letter Buffett modestly refers to his background, referencing his previous 25 years spent as a financial analyst, and 30 years "in various aspects of the investment business." He adds, "I currently have the sole responsibility for an equity portfolio that totals over $600 million." It sounds prosaic now: $600 million!
052510 Buffet Letter