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Warren Buffet Changes Mind on Gold
Here’s something I didn’t think we’d see in our lifetimes. Warren Buffett’s company, Berkshire Hathaway, took a position in Barrick Gold in the second quarter, buying 21 million shares worth roughly $564 million. What did the stock do when he announced that? Jumped 12%. Must be nice.
The reason this is so shocking is that Buffett has been an outspoken critic of gold in the past, calling it a “cube that doesn’t do anything.” So to see him add a position in a company that mines worthless cubes was either admitting he was wrong, or taking advantage of some diversification benefits.
What You Should Do Now
Buffett has always used a baseball analogy when investing. He says that investing is like baseball, but with no three strike out rule. “The trick in investing is just to sit there and watch pitch after pitch go by and wait for the right one in your sweet spot. And if people are yelling, ‘Swing, you bum!,’ ignore them.”
We agree. And diversification is something to help you hit your investments out of the park, every time, over time.
Let us show you the way.
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