Warren Buffett traded Goldman Sachs for gold

#1

Post by leorio » Sat, Aug 15, 2020, 5:46 AM UTC

Warren Buffett traded Goldman Sachs for gold
fortune.com

Re: Warren Buffett traded Goldman Sachs for gold

#2

Post by miles » Sat, Aug 15, 2020, 6:06 AM UTC

Surprising move from the man who said something along the lines of[1]:

"Gold gets dug out of the ground in Africa, or some place. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head."

[1] https://quoteinvestigator.com/2013/05/25/bury-gold/

Re: Warren Buffett traded Goldman Sachs for gold

#3

Post by muzika » Sat, Aug 15, 2020, 6:12 AM UTC

There must be something coming to our economy soon if he is willing to bet so much on gold.

Re: Warren Buffett traded Goldman Sachs for gold

#4

Post by loxs » Sat, Aug 15, 2020, 6:26 AM UTC

muzika wrote: post #3

There must be something coming to our economy soon if he is willing to bet so much on gold.

I don't think that 560M of Berkshire's stock qualifies for "bet so much". It's a drop in the bucket.

Re: Warren Buffett traded Goldman Sachs for gold

#5

Post by theredlion » Sat, Aug 15, 2020, 6:27 AM UTC

miles wrote: post #2

Surprising move from the man who said something along the lines of[1]: "Gold gets dug out of the ground in Africa, or some place. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head." [1] https://quoteinvestigator.com/2013/05/25/bury-gold/

I don't think that quote makes this move surprising

Re: Warren Buffett traded Goldman Sachs for gold

#6

Post by klodolph » Sat, Aug 15, 2020, 6:27 AM UTC

miles wrote: post #2

Surprising move from the man who said something along the lines of[1]: "Gold gets dug out of the ground in Africa, or some place. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head." [1] https://quoteinvestigator.com/2013/05/25/bury-gold/

Not sure I count that as a surprise--in one breath I'll talk about how C is a terrible language, and in another breath I'll talk about my latest project which I'm writing in C.

Re: Warren Buffett traded Goldman Sachs for gold

#7

Post by nurettin » Sat, Aug 15, 2020, 6:28 AM UTC

miles wrote: post #2

Surprising move from the man who said something along the lines of[1]: "Gold gets dug out of the ground in Africa, or some place. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head." [1] https://quoteinvestigator.com/2013/05/25/bury-gold/

He would probably have an equally or more estranged view of goldman sachs.

Re: Warren Buffett traded Goldman Sachs for gold

#8

Post by malux85 » Sat, Aug 15, 2020, 6:29 AM UTC

miles wrote: post #2

Surprising move from the man who said something along the lines of[1]: "Gold gets dug out of the ground in Africa, or some place. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head." [1] https://quoteinvestigator.com/2013/05/25/bury-gold/

I think thats a reflection on his thoughts on Goldman Sachs more than anything

Re: Warren Buffett traded Goldman Sachs for gold

#9

Post by soulofmischief » Sat, Aug 15, 2020, 6:33 AM UTC

miles wrote: post #2

Surprising move from the man who said something along the lines of[1]: "Gold gets dug out of the ground in Africa, or some place. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head." [1] https://quoteinvestigator.com/2013/05/25/bury-gold/

Buffet was commenting on the social absurdity of the situation, but that has little bearing on his investment strategies. Money is money, and I'm sure Buffet has similar contempt for quite a few industries he's invested in.

Re: Warren Buffett traded Goldman Sachs for gold

#10

Post by fspeech » Sat, Aug 15, 2020, 6:33 AM UTC

miles wrote: post #2

Surprising move from the man who said something along the lines of[1]: "Gold gets dug out of the ground in Africa, or some place. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head." [1] https://quoteinvestigator.com/2013/05/25/bury-gold/

He has investment managers who can make independent decisions. Selling out of GS is obviously his move. Buying a gold miner? We can't be sure.