Beloved Country. Unloved Hedge. Why I Own Gold

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I am not writing this to vent my frustration (I scream into my pillow for that) or to provide a recipe of what must be done (you’ve got TV talking heads for that). I didn’t want to write about our national failings, but I have a pragmatic reason for doing so: As the world around us changes, we need to keep making changes to our portfolio. The coronavirus has compressed years of changes into months. It may be the straw that broke an aging, overconfident camel’s back.

Beloved country. Unloved hedge.

I remember reading in January about the virus infecting China and catching myself thinking “This is a China problem; these viruses don't come to the U.S.” Today, as I consider this line of thinking, I realize it was insanely naïve, ridden with arrogance, and very dangerous.

If I was the only one infected by such thinking, I'd take a mental note not to do it again, or maybe I'd be lying on the couch sharing it with my shrink, not writing about it. But this arrogant thinking has infected the whole country and most importantly our government. I am not talking about our virus response, or the tensions between liberty, commerce, and public health. I am talking about something else.

This arrogance was not built up out of thin air.