[Several] weeks ago, before Jamie Dimon’s thoughtful diversion, Charlie Munger of Berkshire Hathaway instructed viewers of CNBC that “civilized people don’t buy gold, they invest in productive businesses”. Munger was right in that civilized people invest in productive businesses and was right to imply that gold is a non-productive rock, but, in our humble opinion, [...]
With the euro-area crisis and associated uncertainty escalating rapidly of late, safe-haven assets are outperforming, with the notable exception of gold. Why are high-quality government bonds rallying to new highs, while gold sinks to a six-month low? A key explanation is surprisingly simple if technical: Government bonds are Tier1 capital assets, [...]
On Friday last, Warren Buffett’s right-hand man and Berkshire vice chairman, Charles Munger, told CNBC, “Gold is a great thing to sew into your garments if you’re a Jewish family in Vienna in 1939,” “but I think civilized people don’t buy gold; they invest in productive businesses.”
Your meaning is well taken, Charles, but your [...]
“… [G]old is a great thing to sew onto your garments if you’re a Jewish family in Vienna in 1939 but civilized people don’t buy gold – they invest in productive businesses.”— Charlie Munger.
I really don’t have much to say here. Mr. Munger says enough.
To be fair to Mr. Munger here is [...]