Warren Buffett has identified "cheap debt" as the driver behind a "purchasing frenzy" of M&A activity, as prices for "far from spectacular" businesses hit an all-time high.
In his annual letter, the Berkshire Hathaway chairman did not pick out overvalued equity markets, as he has done in previous years, but said the active M&A environment had made prices "almost irrelevant...
Paul Bruns and Elaine Parkes
3,000 left to transfer
Record numbers of people aged 90 plus
From 3 to 10 October