I try to avoid giving unsolicited advice to billionaires. They are doing just fine without me. Besides, nobody likes to hear from the cheap seats, especially when they just made a terrible, horrible, reckless investing error that poses an unnecessary risk and could cost quite literally billions of dollars.
I bring this up after I read the headline “This Billionaire Has Put Half His Net Worth Into Gold” on Bloomberg News, and the story that went with it. It describes a very concentrated investing bet:
Some big investors see warning signs ahead for markets but are holding their positions. Egyptian billionaire Naguib Sawiris is taking action: He’s put half of his $5.7 billion net worth into gold.
He said in an interview Monday that he believes gold prices will rally further, reaching $1,800 per ounce from just above $1,300 now, while “overvalued” stock markets crash.
Some big investors see warning signs ahead for markets but are holding their positions. Egyptian billionaire Naguib Sawiris is taking action: He’s put half of his $5.7 billion net worth into gold.
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