Warren Buffett is resolute in his stance that he would never swap his Berkshire Hathaway shares for gold or any other commodity. He emphasizes that the notion of trading a productive asset for a non-productive one is entirely unfamiliar to him.
“I can’t imagine ever exchanging any of my shares for gold coins,” Buffett said at the 2000 Berkshire Hathaway annual meeting. “I would rather trust in the intrinsic value of a bunch of really fine businesses run by good managers selling products that people like to buy and have liked to buy for a long time, and then exchanging their future efforts, the money that comes from their wages, for See’s Candy or Coca-Cola or whatever, than take some piece of metal that people dig out of the ground in South Africa and then put back in the ground at Fort Knox, you know, after transporting it and insuring it and everything else.”
Hear Buffett’s full explanation
© 2023 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.