How Goldbugs Make Money, Even Though They Are Constantly Wrong

Dividends Forever
4 min readSep 6, 2021

There’s an old Jerry Seinfeld interview where Seinfeld is talking to Howard Stern. During their discussion, Seinfeld mentions that he doesn’t invest his money anywhere. This might sound weird, or like a bad financial decision. Until you remember that Jerry Seinfeld owns one of the greatest assets in television history, his show.

According to this Boss Hunting article:

One of the earlier syndication deals circa 1998 was worth US$1.7 billion. Seinfeld’s share was US$255 million straight off the bat. While the details surrounding the deals previous to and after the aforementioned US$1.7 billion transaction have never been fully outlined, we do know that US$3 billion of syndication revenue was generated between 1995 and 2015. Without taking the last five years into consideration, that’s at least US$450 million. And filling in the blanks with Collider — accounting for syndication, DVD sales, and merchandise — in this regard, Seinfeld the man has earned approximately US$800 million from Seinfeld the show since 1998.

Jerry Seinfeld doesn’t need to worry about index funds or real estate, because he built an asset that pumps enormous rivers of cash straight into his pockets every month.

And that’s not even counting Seinfeld’s other assets like his comedy specials, or Netflix shows.

Why is this introduction all about Seinfeld, when the article is supposed to be discussing goldbugs? Easy answer. Owning a slam-dunk asset can overcome any shortcomings that you make by sitting out of the market or buying lame-duck investments.

Gold is a notoriously poor-performing asset.

Yet many goldbugs are fantastically wealthy.

Peter Schiff is worth a reported $75 million. And while I couldn’t find reliable net worth estimates for other…



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