Uncle Warren Buys GOLD!

“When the facts change, I change my mind.”

As a stock investor, I have four days during the year when I follow the financial news even closer than usual - February 14th, May 14th, August 14th, and November 14th. These are the dates when the portfolio of fund managers with more than $100M under management are disclosed.

I use Dataroma to keep track of the portfolio changes. There are some of the investors whose portfolio changes I keep track of:

  • Warren Buffet (Duh!)

  • Charlie Munger - Daily Journal Corp.

  • Mohnish Pabrai - Pabrai Investments

  • Prem Watsa - Fairfax Financial Holdings

  • Guy Spier - Aquamarine Capital

  • Howard Marks - Oaktree Capital Management

But the highlight of the quarter was Warren Buffet buying GOLD!

In my recent post, I said that I have been buying gold for a year, and this is an excellent validation of my thesis.

Barrick Gold Corp (GOLD) is a gold miner. The stock jumped 8% after the announcement. I wouldn’t be surprised if it rises even more on Monday.

Uncle Warren has been very critical of gold in the past. So this was a very surprising move. But he has surprised everyone recently, from buying a big tech company like Apple and selling all airline stocks.

After all the late, great economist John Maynard Keynes always said, “When the facts change, I change my mind.”

And the pandemic has definitely changed some facts.