| | | Billionaire investor Seth Klarman touts gold, blasts crypto, and questions the Fed's resolve in a new interview.
Seth Klarman trumpeted gold as a haven asset, dismissed cryptocurrencies as dangerous and pointless, and predicted the Federal Reserve would back down from its inflation fight
1. "The kitchen-table reality for people is the cost of meat is up 10% or 20%, and the cost of driving a car is up 30% or 40%. These are nasty, massive increases now." (Klarman was underscoring how inflation is hitting Americans consumers.)
2. "The market has come to believe in an omniscient Federal Reserve, and it's no such thing. These guys don't really know what they're doing in any deep way. It's a giant financial experiment, and we're at the mercy of their experiment that maybe is right now in the process of going wrong, so God help us."
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6. "I'm a fan of gold. I think gold's valuable in a crisis. If the world turns to hell, the war expands and gets worse, God forbid a nuclear weapon is used, I think people are going to say: 'How do I know what anything's worth anymore? I'm going to make sure I have some gold because I don't want to not have money at a time of desperation.' It may never come to that, but I think it's prudent to have a little bit of your portfolio in gold."
7. "I can't see the point of crypto. It has this feel to me of being like catnip for techies. Why do people need 10 or 50 different cryptocurrencies? I don't get it. I don't think anybody needs to own it. It just seems to me that it could end up very much in tears. (Klarman suggested virtually all crypto could end up worthless.)
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