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- Warren Buffett’s Berkshire Hathaway bought shares in a gold miner last quarter, despite the billionaire investor dismissing gold as a subpar asset for more than 20 years.
- Berkshire added 20.9 million shares of Barrick Gold worth about $564 million to its portfolio, its only new position in the period.
- Buffett has repeatedly blasted gold for being an unproductive asset that has underperformed stocks in the long term.
- “If you bought gold at the time of Christ and you figured the compound rate on it, it may be a couple tenths of 1%,” he said at Berkshire’s annual meeting in 2018.
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Warren Buffett’s Berkshire Hathaway made its first investment in a gold miner last quarter, even though the famed investor has warned against betting on the precious metal for at least two decades.