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RealInvestmentAdvice/Michael Lebowitz and Jack Scott/10-30-2019

graphic image of gold chess pieces, knight and pawn“Gold is currently one of the most hated investments by the media and social media influencers. The only herd following gold are thought to be relics of ancient history and doomsday preppers. Maybe, as we saw in the aftermath of the prior valuation peaks, those who were ridiculed for their rigor and discipline will once again come out on top.”

USAGOLD note:  This advisory begins with a poll from the CFA noting “herding – being influenced by peers” as the chief behavioral bias affecting investors.  The least influential? Loss aversion. “[W]e believe,” say the authors, “a rational investor would put these in reverse order.” After a lengthy treatment of the subject, and a good one, Lebowitz and Scott recommend gold as “ballast to a portfolio during troubled times.”

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