I 100% agree. You’re not a “contrarian”, you’re simply the voice of reason. OK, you maybe are one on this forum 🙂
Many people chase the latest investment fad, which these days is commodities and foreign currencies. Most young people should be just fine with a few index funds, and not sweat it too much. Gold has been a terrible long-term investment, and unless you think USA is going Zimbabwe, there is really not much reason to own gold. Ever. It is billed as “safe”, but it’s probably the most speculative investment someone can make. For everything else (stocks, bonds, real estate) you can have some idea of its value based on the underlying cash flow. Gold? For all I know, it could be worth a million dolar an ounce, or just a hundred. I don’t know and I don’t care. The point is, there is no long-term income from it, so its value (to me) is simply a random number on a Bloomberg screen.
PS: not a big fan of Mr Fisher’s firm though. They keep writing and calling me in the hope that I’ll have them manage my money 🙂
