Warren Buffett criticized companies including life insurers that respond to low interest rates by taking more risks, even as he acknowledged that the urge to seek better returns is normal.

“Reaching for yield is really stupid, but it’s very human,” Buffett said Monday in an interview on CNBC. “People are reaching for yield, there’s no question about that. And that’s stupid and it has consequences over time, but it’s very human.”

Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., was asked about life insurance companies that sell products, such as annuities, that promise higher returns than the rates the companies can earn on investments. The push for yield sometimes persuades executives to make risky changes, leading to the boom in leveraged loans and the weakening of covenants, he said.

Buffett, in his annual letter to shareholders Saturday, discussed his view on repurchases and corporate governance. The 89-year-old investor said he plans to allow shareholders to direct questions to his key deputies, Ajit Jain and Greg Abel, at this year’s annual meeting, giving a greater voice to two people seen as top contenders to replace him when he steps down as CEO.