First of all, this article is too long, which is my problem.
We all know tax is a sure thing, other than death. We all know inflation is a sure thing, at least after over supply of paper money. Why is it WB's fault, or any asset managers’ fault? We need some vehicle to fight against that trend (savings losing purchasing power over time). As a matter of fact WB's performance is better than 99% of others, why is it his fault again?
We as a whole need consumer and saver, for every borrower we need a lender. For gold bullion in back yard, or paper bills under mattress, if it (or its derivative) doesn’t go into circulation then I don’t see how it helps economy. For every buyer there is a seller. If the market is always efficient and rational, “face value” never deviates from “true value”, then over the long run all you could expect is the rate of inflation. If your judgment on value is always better than others, your pocket is always deeper, then your performance is going to be a bit better.
I see people attacking WB, to prove they are better and smarter? He is good for what he does, like Bill Gross is good at his stuff. If you don’t like this vehicle, then find another one, or do it yourself. You want them to sell portfolio of that kind of scale and buy into physical gold, and how is that possible or do you think that’ll be better for macro-economy?
For every kind of asset there is expense associated: food is perishable, oil tank needs maintenance, even for gold you need vault and people with guns. Yes the government is going to be there and take a cut every time, we need and pay for such “order”.
Sorry if I misunderstood anything, which if the case then this article is too long, for me.
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