Berkshire Hathaway finds “little that excites us” in the stock market, CEO Warren Buffett said in his annual shareholder letter released Saturday morning.
“That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever,” Buffett wrote. “Other factors influence valuations as well, but interest rates will always be important.” Berkshire Hathaway was a net seller of stocks in both 2020 and 2021.
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