The most dangerous form of speculation is the search for yield ('John Bull can stand many things but he cannot stand 2%'); when risk-free yields fall toward 2% investors chase higher yields and invariably take higher risk, so investors should target total return rather than yield, especially under financial repression.

normativepending

Speaker

Russell Napier

Evidence Quote

Total return is really what you should be doing. Chasing yield is is dangerous most times, but exceptionally dangerous below 2%.

Source

Russell Napier: Gold Is Screaming a Warning (But No One’s Listening)The Meb Faber Show
Created: 6/18/2026, 1:59:14 PM

My Notes

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