gold

“We took a deep dive, look at gold. Is it a commodity? Is it an inflation hedge? Is it a currency hedge? What the heck is it? And came back with a lot. And unfortunately the answer is for us, it wasn't any of those, but some of our peers have bought it.”

“Bitcoin's kind of done. The project is finished. It's good enough to be decentralized gold. It doesn't have to change.”

“Gold essentially could be a useful investment given that it's the inverse of the real rate. So to the extent that real rates are negative, it might be good investment, but gold mines themselves are terrible. And gold has a limited function in terms of a bet on…”

“I am bullish the euro. I think that if you are bearish on the dollar for the next decade, you gotta be bullish on something. There's obviously gold, which I would be bullish on, but I think the euro is interesting.”

“You kind of have this call option on technology when you buy these assets that you don't have in gold. Like gold will be the same, In 2000 years as it was 2000 years ago, but these assets are going to be different and improved in a year and 10 years and a hund…”

“These assets are just uniquely positioned to do well, by the way, gold should do well as well, except these are just this really interesting, highly convex version of gold. That's I think just deeply discounted.”

“Some investors are carving out some of their gold allocation and moving it into digital assets like Bitcoin. We don't find it the least bit coincidental that we saw some of the largest outflows on record from gold funds in Q four of last year when Bitcoin star…”

“In the developed world, Bitcoin is at a minimum in today use case, It's digital gold. It's speculative in nature, and it may not be anything in our lifetimes other than a digital store of value. It certainly has the potential to be all kinds of other things, b…”

“I think of crypto as a commodity like gold, and I have a very hard time, or we as a firm have a very hard time investing in anything where the only investment case is that someone will pay more in the future than you do today.”

“Can't be used for much, but it's certainly as good as gold and arguably slightly better because it's an infinite supply and easily accessible.”

“If you accept just as a store of value the total gold market at 11 trillion dollars, half of that, five and a half trillion dollars, if you just had generational shift where people said, you know what, I prefer this in the same way they prefer Bonobos to Docke…”

“If you're, I think, a super rich guy, you probably think, I need to have some assets that are off the grid, for lack of a better word. And there's only two of them, really. It's gold and it's bitcoin.”

“Because we're not believers that this is going to be digital gold. I've also never been a big believer in gold.”

“One of the things that looks like a short, but isn't is our long gold position.”

“In 2020 we put gold into the portfolio for the first time because we saw that more populist governments would be more likely to print money or otherwise debase their currencies because that's what governments always do when they're in those sort of situations,…”

“Then I think we are in a long-term bull market in gold. I think we're seeing reserve accumulation by central banks. I follow it closely. It's my biggest position.”

“At some point, it won't be that highly convex because the overall market cap will be so high and so many people will be in that it'll probably trade a bit more like gold, where gold sometimes trades like a great inflation hedge and sometimes it doesn't.”

“We're in a period now of a total and complete restructuring of the geopolitical equilibrium. We're in a period of sustained higher inflation. There's one asset that fills that gap that's created when things change like that. All that change leads to fear, unce…”