Subject: Re: BRK Overvalued Now?
Reminds me of WEB's clarity in discussing investing as 'equity bond with coupons.' Stocks have a bunch of coupons that you have to figure out but if it averages 10-12% ROE vs. fixed 3-5% with LT government bonds, the govt. bonds are just much less appealing. The longer you own stocks the less risky they become and the longer the maturity of the bond the more risky it becomes!