David Einhorn on That Barbarous Relic, Gold
Thu, Oct 22, 2009
Hedge fund manager extraordinaire and 2007 Lehman Brothers doubter David Einhorn had a few thoughts to offer on the barbarous relic, gold the other day in a speech delivered to the Value Investing Conference. The entire text(.pdf) is available at Reuters and Rolfe Winkler had some additional comments also.
Tim Iacono submits:
Four years ago I spoke at this conference and said that I favored my Grandma Cookie’s investment style of investing in stocks like Nike, IBM, McDonalds and Walgreens over my Grandpa Ben’s style of buying gold bullion and gold stocks. He feared the economic ruin of our country through a paper money and deficit driven hyper inflation. I explained how Grandma Cookie had been right for the last thirty years and would probably be right for the next thirty as well. I subscribed to Warren Buffett’s old criticism that gold just sits there with no yield and viewed gold’s long-term value as difficult to assess.
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