Warren Buffett: Stocks aren't 'too frothy' now

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Warren Buffett: Stocks not too frothy

Warren Buffett rejected the suggestion the U.S. stock market is "too frothy" right now as the major indexes re-approach their all-time highs.

"I think we're in a range, and it's a big zone always, of reasonableness. But stocks ought to be higher every 10 years.There's a plow back of earnings that goes back year after year. Stocks will become worth more decade after decade, not in any precise manner, not in an even manner or anything of the sort. But 10 years, 20 years, 30 years, stocks will be worth more than they are today."

Asked if he agreed with investor David Einhorn's warning that "we are witnessing our second tech bubble in 15 years," Buffett said he doesn't always understand tech valuations, but it's not like the period before 2001 when "you could almost sell anything and capitalize eyeballs and all of that. I don't think it's reached that point and certainly I don't think the general market level is going to bubble up."