New Delhi, July 5 -- Turbulence in the stock markets is par for the course, feels Berkshire Hathaway Chairman Warren Buffett. Speaking to CNBC after the company's first annual general meeting (AGM) with successor Greg Abel at the helm as CEO, the billionaire told the channel that good years are few and far between.

Buffett shared that in the 60 years he has been working the markers, only five were "really juicy" and the philosophy of doing nothing and waiting for good opportunities has been what has paid off for the Oracle of Omaha.

Discouraging investors from blindly chasing returns, Buffett reiterated his view that the stock markets are like a church (long term investments) with a casino (quick, short-term bets) attached and many inve...