Unchained What’s the Better Bet? Stocks or Gold? - Ep. 916
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Oct 3, 2025 
Ram Ahluwalia, CFA and CEO of Lumida Wealth, debates with Vinny Lingham, founder of Praxos Capital, on whether stocks or gold are the better long-term investment. Ram defends stocks, emphasizing their potential for earnings growth and innovation. Vinny counters that gold’s decentralization and finite nature make it a safer bet against inflation and fiat debasement. They tackle the impact of share buybacks, the future of AI, and even make a $10,000 wager on which asset will outperform in the next nine months, heating up this riveting discussion.
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Stocks Are Productive Claims
- Stocks are productive assets that generate earnings, reinvest, and compound returns over decades.
- Gold is a commodity and tactical trade, not a productive long-term wealth engine, according to Ram Ahluwalia.
Finite Assets Absorb Excess Fiat
- Finite assets like gold and Bitcoin attract excess liquidity when fiat supply expands.
- Vinny Lingham argues gold and Bitcoin best absorb infinite fiat printing as central banks and global money supply grow.
Prefer Cash-Generative Firms
- Prefer companies that generate free cash flow and return capital via buybacks when appropriate.
- Avoid equating buybacks with pure harm; Ram says they can be better than wasteful spending and boost shareholder value.
