antiquary

Buffett Metric Doesn't Say It's Time to Buy

"Buffett's preferred purchases are not an endorsement of cheap U.S. equities. If anything, it says he would rather be a bondholder than an equity one... for now."

Bad analysis, because he got the rates he did because of the same general level of investor sentiment which the inexpensiveness of U.S. equities is merely another reflection of, and because in this environment the risk is the same either way. We just call it default on a bond rather than bankruptcy, and you haven't made the case that this distinction in looking at Buffett's investment should be important to the rest of us.