Than will be available when funds are reinvested during the next few years
Buffett is referring to the implication of today’s super-low interest rates on the future earnings power of bond investors, including insurance companies that invest in bonds. Bond investors who still hold older long-dated bonds are receiving income much higher than they will be able to replicate with new bonds. Eventually those bonds mature, bringing the gravy train to an end, at least until interest rates rise again.
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