“We're not buying corporate bonds of any kind now,” Buffett, 82,said Saturday during an interview with Bloomberg Television's BettyLiu in Omaha, Nebraska, where Berkshire held its annual meeting.“Not at those yields.”

Berkshire held $12.2 billion of corporate bonds as of March 31,according to a quarterly filing issued on May 3. That's down 14percent from two years earlier. The value of Berkshire's equityportfolio climbed 54 percent to $97.2 billion in the two yearsended March 31 as markets rallied and Buffett added shares ofInternational Business Machines Corp.

Yields on debt from corporate securities to Treasuries havetumbled as the Federal Reserve slashed interest rates and boughtbonds to help the economy recover from recession. The payout rateon dollar-denominated company debt fell to a record 3.35 percent onMay 2, according to the Bank of America Merrill Lynch U.S.Corporate & High Yield Index. Yields have averaged 5.87 percentduring the past decade.