Warren Buffett: stock markets will be overpriced if rates rise

The billionaire admits surprise that low rates have not caused inflation and tells shareholders the dollar will still be the world's reserve currency in half a century

Warren Buffett has warned that stock prices will appear expensive if interest rates increase from their current ultra-low levels.

"If we get back to normal interest rates, stocks at these prices will look high," said the billionaire investor, speaking at the annual shareholders' meeting of his conglomerate Berkshire Hathaway.

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