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这个月月初Jason Zweig对传奇投资者Seth Klarman的访谈，有些还比较有意思。比如关于黄金问题：
Zweig: In your book, Margin of Safety, you said as a general rule that commodities, with the possible exception of gold, are not investments because they don’t produce cash flow. Do you regard commodities as investments in today’s market?
Klarman: No, I don’t. In the book, I was mostly singling out fine-arts partnerships and rare stamps—addressing the commodities that were trendy then. Buying anything that is a collectible,has no cash flow, and is based only on a future sale to a greater fool, if you will—even if that purchaser is not a fool—is speculating. The “investment” might work—owing to a limited supply of Monets,for example—but a commodity doesn’t have the same characteristics as a security, characteristics that allow for analysis. Other than a recent sale or appreciation due to inflation, analyzing the current or future worth of a commodity is nearly impossible.The line I draw in the sand is that if an asset has cash flow or the likelihood of cash flow in the near term and is not purely dependent on what a future buyer might pay, then it’s an investment. If an asset’s value is totally dependent on the amount a future buyer might pay, then its purchase is speculation. The hardest commodity-like asset to categorize is land, an asset that is valuable to a future buyer because it will deliver cash flow, not because it will be sold to a future speculator.Gold is unique because it has the age-old aspect of being viewed as a store of value. Nevertheless,it’s still a commodity and has no tangible value, and so I would say that gold is a speculation.But because of my fear about the potential debasing of paper money and about paper money not being a store of value, I want some exposure to gold.
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