“The value of every business, the value of a farm, the value of an apartment house, the value of any economic asset, is 100% sensitive to interest rates because all you are doing in investing is transferring some money to somebody now in exchange for what you expect the stream of money to be, to come in over a period of time, and the higher interest rates are the less that present value is going to be. So every business by its nature … its intrinsic valuation is 100% sensitive to interest rates.” Warren Buffett – 1994 Berkshire Hathaway annual general meeting “It all comes down to interest rates. As an investor, all you’re doing is putting up a lump sum payment for a future cash flow.” Ray Dalio, Founder Bridgewater Associates