You Lack Faith in the Creditworthiness of the US? Buy Cow Manure, Not Gold!

I had many calls from clients over the past 24 hours concerning my stance with regard to the malaise affecting world financial markets. Let me make this as short as I made it to my customers: I bought shares yesterday in the companies in which I believe. Obviously, it could be that I bought them too high, and if I were to have waited, I might have been able to buy them at a better price; however, there is no doubt in my mind that the markets will recover, and the share price of the companies in which I invest will do well over time.

When asked whether I recommend the purchase of gold, I told my customers that I prefer cow manure. I explained that unlike Standard & Poor's, my faith in the ability of the United States government to repay its debt has not changed one iota, and if it did, gold would offer me little security over the long-term. On the other hand, if the US government were to default, we would all be growing vegetables in our gardens, and cow manure for fertilizer would ultimately prove more valuable.

Never good at growing vegetables, I will stick with my belief in the creditworthiness of the US and take advantage of the decline in world equity markets to add to my positions in the companies which I respect and trust.