1. “Bonds are not the place to be these days,” wrote Buffett, referencing the 0.93% yield in the 10-year Treasury at year-end it has since spiked to near 1.5% and negative bond returns in Germany and Japan. “Fixed income investors worldwide whether pension funds, insurance companies or retirees face a bleak future. He cautioned against owning risky bonds backed by “shaky borrowers” paying higher yields. “Three decades ago, the once-mighty savings and loan industry destroyed itself, partly by ignoring that maxim.” (Photo:Michael A. Scarcella/ ALM Media)
2. Stock repurchases can enhance the intrinsic value of shares but not at any price. “American CEOs have an embarrassing record of devoting more company funds to repurchases when prices have risen than whey they have tanked,” Buffett wrote. “Our approach is exactly the reverse.”
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