Warren Buffett believes long term investors should buy stocks over bonds.

“If you had to choose between buying long term bonds or equities, I would choose equities in a minute,” he said on CNBC’s “Squawk Box” Monday. “If I were going to own a 30-year government bond or own equities for 30 years, I think equities will considerably outperform that 30 year bond.”

“So far this year we’ve been a net buyer” of stocks, he added.

Buffett blasted the belief that bonds were a lower risk investment over the long term in his 2017 annual letter to Berkshire Hathaway shareholders released on Saturday. He recommended investors stay in equities due to negative impact from inflation on the purchasing power of fixed income holdings.

“I want to quickly acknowledge that in any upcoming day, week or even year, stocks will be riskier – far riskier – than short-term U.S. bonds. As an investor’s investment horizon lengthens, however, a diversified portfolio of U.S. equities becomes progressively less risky than bonds, assuming that the stocks are purchased at a sensible multiple of earnings relative to then-prevailing interest rates,” he wrote. “It is a terrible mistake for investors with long-term horizons – among them, pension funds, college endowments and savings-minded individuals – to measure their investment ‘risk’ by their portfolio’s ratio of bonds to stocks. Often, high-grade bonds in an investment portfolio increase its risk.”