Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
On this day in 1980, gold hit a then-record price of $850 per ounce. Gold dealers predicted that the price would hit $1,000 per ounce by July, and U.S. Secretary of the Treasury G. William Miller said, “At the moment, it doesn’t seem an appropriate time to sell our gold.” It was. By 1991 it was below $600 per ounce.
I remember buying a couple one Troy Ounce K-Rands about then at around $800 and selling them several later when gold was nearer to $400. (Paul Volker intervened.) Perhaps the wrong lesson. This time may be different.
Have played in the P/C area to varying degrees most of my 50+ year investing period. Currently have limited exposure (2-3% portfolio weight) inside a broadly diversified real assets fund and a CEF. Couple L/S funds are probably playing in the area as well - but whether long or short don't know.
Not to be overlooked in all this is the success / investor interest in momentum funds which chase whatever is hot. Those did not exist when I began investing in the 70s. These funds tend to run "hot & cold", lagging / outpacing markets, over roughly decade long stretches.
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Have played in the P/C area to varying degrees most of my 50+ year investing period. Currently have limited exposure (2-3% portfolio weight) inside a broadly diversified real assets fund and a CEF. Couple L/S funds are probably playing in the area as well - but whether long or short don't know.
Not to be overlooked in all this is the success / investor interest in momentum funds which chase whatever is hot. Those did not exist when I began investing in the 70s. These funds tend to run "hot & cold", lagging / outpacing markets, over roughly decade long stretches.