For the first time in 60 years, Warren Buffett watched someone else lead Berkshire Hathaway's (NYSE: BRKA)(NYSE: BRKB) annual meeting. That doesn't mean Buffett was absent from that May 2 event, though. He was there on the sidelines and had time to field questions in an unofficial capacity. In a CNBC interview that day, Buffett was asked whether stocks felt expensive. His answer was that he had never seen people more in the mood to gamble and that "prices for an awful lot of things will look very silly." Warren Buffett is and always has been a long-term investor. But if things are about to get "silly," should investors adjust their portfolios?
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