Even the Clueless are Awakening – Anti-gold wealth manager buys gold for the first time
Richard Bernstein, CEO of Richard Bernstein Advisors, is buying gold for clients for the first time during his long career on Wall Street.
Rising inflation expectations have attracted an unlikely investor to gold.“My firm and I are not gold bugs,” said Bernstein, a former chief investment strategist for Morgan Stanley who started his eponymous firm in 2009, at the Morningstar ETF conference on Thursday. “Most of the people who tell you stories about gold are people trying to sell you gold funds and gold ETFs, and those stories are not based on reality at all.”
When Bernstein used to teach at New York University’s Stern School of Business, he would ask his students what the difference was between gold and wampum, the shell beads American Indians used to trade.
“The correct answer was, ‘There is no difference,'” he said. “It’s a real asset that we ascribe some romantic value to, that kind of becomes a pseudo-currency.”
But when Bernstein quizzed conference attendees on the right time to buy real assets, like metals, he revealed the reasoning behind a gold buy for a guy who thinks it’s ‘wampum.’
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