It’s been well-documented that famed value investor and Berkshire Hathaway CEO Warren Buffett is a strong proponent of investing in equities rather than bonds, telling CNBC that he’d “choose equities in a minute.”

“If you had to choose between buying long-term bonds or equities, I would choose equities in a minute,” Buffett told CNBC’s “Squawk Box” in an interview earlier this year. “If I were going to own a 30-year government bond or own equities for 30 years, I think equities will considerably outperform that 30-year bond.”

Buffett continued to lambaste bonds, telling Berkshire Hathaway shareholders in an annual letter that debt issues were not a lower-risk investment over the long term compared to stocks. Furthermore, he advised investors to keep their funds allocated in equities due to the negative impact caused by inflation on the purchasing power of fixed-income holdings.

“I want to quickly acknowledge that in any upcoming day, week or even year, stocks will be riskier — far riskier — than short-term U.S. bonds,” Buffett wrote. “As an investor’s investment horizon lengthens, however, a diversified portfolio of U.S. equities becomes progressively less risky than bonds, assuming that the stocks are purchased at a sensible multiple of earnings relative to then-prevailing interest rates.

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