wallstreetexaminer.com / by Jesse Felder •
It turns out Prince was a gold bug. According to a recent statement filed in Minnesota court regarding the settlement of his estate, at the time of his death he owned no stocks or bonds but he did own nearly a million dollars worth of gold bars along with 12 separate tracts of bare land worth over $25 million. He also held very little cash so it might be more accurate to say he was a fan of “real assets” over financial ones.
Investors have literally been partying like it’s 1999 in the markets for financial assets recently. The total value of corporate debt and equity relative to gross value added is now just as high as it was back then during the peak of the dotcom bubble. So it’s hard to blame Prince for favoring real assets at a time when they have never been cheaper relative to these extreme valuations in financial assets.
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