Warren Buffett offered a measured but cautionary read on markets in his first public comments since stepping back from the chief executive role at Berkshire Hathaway , warning of lingering fragility in the banking system while downplaying the significance of recent volatility. Speaking in an interview with CNBC, the 95-year-old investor said stress in financial institutions can quickly spill over, underscoring the interconnected nature of the sector. “They all affect each other, and the troubles from one can spread over to another,” Buffett said. “If people yell fire in a crowded theater, everybody runs still — it still pays to beat people to the door,” he said. “I will stand back there and say, ‘Everybody stay calm,’ but that’s because I can’t run fast.” His comments come as investors increasingly scrutinize pockets of the private credit market , particularly funds exposed to riskier borrowers such as software companies. Redemption pressures have already surfaced in some vehicles, raising questions about liquidity management in an asset class that grew rapidly during years of low interest rates. The remarks point to Buffett’s long-held concern that confidence shocks can accelerate stress across banks, particularly in periods of heightened uncertainty. At the same time, Buffett struck a notably calm tone on broader markets, suggesting that recent volatility doesn’t come close to the kind of dislocations that historically created compelling opportunities for Berkshire. “Three times since I took over, for sure it’s gone down more than 50%,” he said. “This is nothing to make you get excited.” Volatility on Wall Street has spiked significantly amid the Iran war as oil prices surged above the $110 level . In late March, the Dow Jones Industrial Average , Nasdaq Composite and Russell 2000 all slipped more than 10% from their recent highs, briefly dipping into correction territory before bouncing back. Buffett added that Berkshire’s long-term approach remains unchanged, emphasizing that the firm isn’t focused on modest gains. “We aren’t in it to make 5% or 6%,” he said. The “Oracle of Omaha” also revealed that he remains closely involved in investment decisions at Berkshire, adding that he recently made a “tiny” new purchase without elaborating.