Subject: Re: OT: S&P versus T-Bills?
As an example, imagine that your portfolio is half gold and half USD. Over the last five years gold has gone up 50%. Therefore, combined, your portfolio has gone up 25% in value. Everybody agree? Well, I say your portfolio has gone DOWN 25% in value. You still have the same amount of gold and the USD has gone down 50%. The gold was the proper benchmark, not the USD.

Is the last 5 years typical? It included a pretty major event, and in the 20+ years prior gold has been a dud (2012-2020 was down 10%)

Gold is not "the proper benchmark"; its one of many.

tecmo
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