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#11: Dale Wettlaufer on Value Investing in the 21st Century

Superinvestors and the Art of Worldly Wisdom

CHAPTER

The End of the Gold Standard

The 1906 earthquake and fire in San Francisco proceeded by about 15 months. There was, you know, still an agrarian economy and outlying banks across the country. I'm sort of indifferent as to whether the market closes the gap between where it is now and what I see as fair value at 1800. But I think the embedded return here looking out over five, six years is, is zero real.

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