‘The riskiest thing in the world is to believe that there is no risk’
“In our business there is no place for certainty. With that in mind, I like to quote Henry Kaufman, who was the chief economist at Salomon Brothers. He said that two kinds of people lose a lot of money: ‘Those who know nothing and those who know everything.’ So, at best, the future is merely a probability distribution of future events. All you can do is get the odds on your side.”
USAGOLD note: For those who make no claim to either, i.e. ‘knowing nothing’ or ‘knowing everything’, there is the old expedient of simply diversifying with precious metals and let others spend endless time discussing where the various markets might be headed.
Repost from 4-26-2019