Treasuries, meanwhile, have also taken a shot across the bow. As Bloomberg noted on Thursday, the seven day string of declines seen from the 10-year notes marks the longest streak of losses in over half a decade. The downturn has been swift; over the course of the past week, the iShares Barclays 7-10 Year Treasury Bond Fund ( IEF) has tumbled to levels seen at the start of November.

It is impossible to tell at this point whether this current market action is a sign of a longer-term trend. However, it is interesting to see that this short-term performance accurately reflects the investing preferences Buffett laid out in his shareholder letter. In my opinion, I still feel that Treasuries and gold should hold a place in a long term investor's portfolio for diversification purposes.

What are your feelings regarding treasuries, gold, and stocks? Is Buffett onto something here? Feel free to leave a comment in the space below.

-- Written by Don Dion in Williamstown, Mass.

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At the time of publication, Dion Money Management owned iShares Gold Trust.

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