Ann: Change in substantial holding, page-14

From Fleckenstein Capital

"On the topic of the metals, over the weekend, it was announced that the Ohio Police & Fire Pension Fund decided to take a 5% stake in gold. Even more interesting is that their consultant recommended this move (all big pools of capital have consultants to tell them what they're supposed to do, although it's largely a waste of time listening to them, yet everyone still does). The important takeaway is, this may become a big trend. Whether you agree with what the consultants do or not, the fact of the matter is if a trend develops it's liable to cause the biggest pension funds to join the fray, both because they're sheep anyway and FOMO is a powerful motivator for sheep."

This is a positive development, Buffett was probably the catalyst.