BUZ LIVINGSTON: You can lead a horse to water...

Published: Thursday, June 6, 2013 at 05:23 PM.

He continued. “After I saved up a little money, the only safe place to be was gold. I heard on Fox News the global financial system is totally wrecked. Glenn Beck said budget deficits are out of control, central banks are printing money like crazy and it looks like socialism is takin’ over.

"They’re riotin’ in Europe and who knows what the Sam Hill is going on in Japan. So I go all in on gold at $1,800 an ounce. Yeah, yeah, yeah that’s high but now the Fed’s killin’ me. Supposedly the Fed wants to force unemployment down with low interest rates but it’s hammerin’ gold prices. Abolish the Fed.”

I gave in and leaned over to him. “Excuse me, sir. I couldn’t help but hear your conversation. Have you thought about using index funds? A diversified portfolio of stock and bond index funds had a decent return from 1999.” 

“Index funds,” he snorted, “partner, they’re for folks who don’t know nothin’ about investin’."

“Have a nice day, enjoy your vacation,” I said and headed for the door.

 You can lead a horse to water …  For the record, a 60 perent stock, 40 percent bond portfolio returned over 7 percent annually since 1999. Abolishing the Fed, doofus, would trigger a global economic crisis.

 Nothing against Texas — my grandbaby is a future Miss Texas — but I would rather see her walk across the stage degree in hand from Texas Tech’s Financial Planning program, the country’s best.

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