Warren Buffett Buys Gold Stocks with Lawrence Lepard

Gold stock fund manager and Austrian economist Lawrence Lepard provides his commentary on the recent news that Warren Buffett’s Berkshire Hathaway took a 20.9 million share position in Barrick Gold which was valued at $563.5 million at the quarter’s end.  He also discusses a possible weakness in the bullish gold thesis and shares his USD outlook.  Lawrence also shares how he has been managing his gold stock fund.

Lawrence Lepard runs Equity Management Associates, LLC, an investment partnership which has focused on investing in precious metals since 2008. Prior to EMA, Mr. Lepard spent 25 years as a professional investor and venture capitalist. From 1991 to 2004 he was one of two Managing Partners at Geocapital Partners in New Jersey which managed six venture capital partnerships, the last of which was $250 million. Geocapital was very active in technology, software and computer investing and invested heavily in the internet starting in 1993. Geocapital was the lead investor in Netcom, Inc., the first internet service provider to complete an IPO in 1996. Prior to Geocapital Mr. Lepard spent 7 years as a General Partner at Summit Partners in Boston, MA. Summit is a large venture capital and private equity firm. He was employee number 4, joining 1 year after Summit was launched. Mr. Lepard holds an MBA with Academic Distinction from Harvard Business School and a BA in Economics from Colgate University

0:00 Introduction

1:35 Significance of Buffett’s gold stock purchase?

3:59 When does the Buffett effect hit gold juniors?

6:07 Possible weakness in bullish gold thesis?

10:32 Any other asset classes you are investing in?

12:06 Outlook for USD

12:55 Possible hard economic reset with contested stock ownership issues?

15:28 Are you seeing inflows in your gold stock fund?

16:25 Fund’s lock-up period and expected exist strategy

19:39 What type of gold stocks have you bought since mid-March sell-off?