In letter to investors, Buffet warns about safe-looking bonds being risky

"Performance comes, performance goes, fees never falter," wrote Buffet

Warren Buffett has a message for investors wondering when he’ll strike his next big deal: Be patient.

After a year in which he was largely frustrated on the acquisition front and saw cash pile up at his conglomerate, Berkshire Hathaway Inc., he used his annual letter to shareholders to remark on the “all-time high” cost of buying businesses and how the “ample availability” of cheap debt has fueled unwise deals. Berkshire, Buffett wrote, will still occasionally get opportunities to make large purchases at sensible prices.

“In the meantime, we will stick with our simple guideline,” he said. “The less the