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Yacktman: Stocks Still Attractive Relative to Bonds

Equities may not be significantly undervalued but still look good relative to the paltry returns available in the fixed-income market, says Don Yacktman.

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Jeremy Glaser: For Morningstar, I’m Jeremy Glaser. We’re here at the Value Investor Conference in Omaha, Neb., ahead of the Berkshire Hathaway Annual Meeting. I’m sitting down with Don Yacktman of the Yacktman Funds. We want to get his thoughts on stock valuation and also get his take on the Berkshire Hathaway succession.

Don, you’re obviously very well-known bottom-up buy-and-hold investor, as is Warren Buffett. But his lieutenants have been trading a lot more frequently than Buffett would in his core portfolio. Do you think this is a sign that buy and hold is going out of fashion, that it’s in trouble in some way, or do you think that’s still the best way for investors to approach equity investing?

Jeremy Glaser does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.