Fisher Investments’ founder, Executive Chairman and Co-Chief Investment Officer, Ken Fisher, challenges the belief that gold is a good option for most investors. As he explains in his best-selling book, Debunkery, in the long-term, history shows how gold yields lower returns and experiences higher volatility (as measured by standard deviation) than a myriad other investment classes—including stocks and bonds. According to Ken, to be a successful gold investor, you must be an excellent market timer, which is incredibly hard to do.
Though some think of gold as an inflation hedge, Ken says they should remember that it’s very volatile. Ken explains that gold has historically demonstrated long periods of losing money, punctuated by short spurts of growth. If you cannot time those short growth periods, Ken says you’re likely to get disenchanted with gold as it slogs through long periods of underperformance.
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Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. The foregoing constitutes the general views of Fisher Investments and should not be regarded as personalized investment advice. Nothing herein is intended to be a recommendation. The opinions expressed are subject to change without notice.
