Zell says inflation is reminiscent of the 1970s – buy gold
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Sam Zell is the founder and chairman of Equity Group Investments, a private investment firm.
He has some investment experience, having founded the group more than half a century ago and investing his way to a net worth north of a billion USD.
He spoke with Bloomberg TV:
On inflation, questions if it is transitory:
- “Oh boy, we’re seeing it all over the place”
- “You read about lumber prices, but we’re seeing it in all of our businesses. The obvious bottlenecks in the supply chain arena are pushing up prices. It’s very reminiscent of the 70s.”
His trade? Has bought gold
- “Obviously one of the natural reactions is to buy gold”
- “It feels very funny because I’ve spent my career talking about why would you want to own gold? It has no income, it costs to store. And yet, when you see the debasement of the currency, you say, what am I going to hold on to?”
Zell says he is also concerned about the USD, and other fiat.
