Gold is unique because it has the age-old aspect of being viewed as a store of value. Nevertheless, itโs still a commodity and has no tangible value, and so I would say that gold is a speculation. But because of my fear about the potential debasing of paper money and about paper money not being a store of value, I want some exposure to gold.
Seth KlarmanThe average person canโt really trust anybody. They canโt trust a broker, because the broker is interested in churning commissions. They canโt trust a mutual fund, because the mutual fund is interested in gathering a lot of assets and keeping them. And now itโs even worse because even the most sophisticated people have no idea whatโs going on.
Seth KlarmanWhile some might mistakenly consider value investing a mechanical tool for identifying bargains, it is actually a comprehensive investment philosophy that emphasizes the need to perform in-depth fundamental analysis, pursue long-term investment results, limit risk, and resist crowd psychology.
Seth Klarman