Denna gång skriver han om ämnet "old money" dvs hur kända rika familjer behållit sina förmögenheter genom generationer och deras syn på guld. Buffet får sig även en välriktad känga.
The Three Ways 'Old Money' Holds on to Its Riches
"No portfolio is perfect or without risk. Yet, too often we think of risk narrowly and ignore the greatest risks of all in the form of monetary collapse, social disorder, regime change, and emergency edicts. Warren Buffett disparages gold because it has no yield. The reason it has no yield is that is has no risk. Yield is what you earn when you take risk. Gold has no credit risk, no currency risk, no maturity risk, indeed no risk of any kind. It is just gold.
In contrast, Buffett's Berkshire Hathaway stock when priced not in dollars but in ounces of gold has declined in value by about 75 percent since 2000 from 280 ounces per share to 70 ounces per share. Put differently, someone who bought gold rather than Berkshire in 2000 could today buy four times as much Berkshire stock using the same gold. There has been similar appreciation in the value of fine art. Admittedly this is a selective example. Yet it is true that over centuries it is the hard assets not the paper assets that retain value through collapse and catastrophe. The old money knows this—they have seen it all before."