(Bloomberg) -- Warren Buffett, who built Berkshire Hathaway Inc. by reinvesting premiums from insurance units, said low bond yields have hurt the prospects of that strategy.
“That game has been over for a while,” Buffett said Saturday during Berkshire’s annual meeting in Omaha, Nebraska. “It looks like it will be at least unattractive, if not terrible, for a considerable period in the future.”
Berkshire has exited investments in reinsurance rivals Munich Re and Swiss Re AG and this year scaled back some operations at its own Gen Re unit. Buffett has been shifting instead to industries like manufacturing and utilities in recent years.
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