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Robert Kiyosaki touted canned tuna as a better investment than gold, silver, or bitcoin.
The “Rich Dad Poor Dad” author warned soaring food prices could lead to starvation.Kiyosaki noted cans of tuna and baked beans can be eaten, unlike metals and cryptocurrencies.
Hoarding cans of tuna is a better strategy to ride out inflation than buying gold, silver, or bitcoin, Robert Kiyosaki declared in abizarre tweet on Sunday night.
“Best INVESTMENT: Cans of Tuna Fish,” he said. “Inflation about to take off. Best investments are cans of tuna & baked beans. You can’t eat gold, silver, or bitcoin.”
“Food most important,” he continued. “Starvation next problem. Invest in the solution.”
The “Rich Dad Poor Dad” author likely sees canned tuna as a good investment because it has a shelf life of several years, it’s cheap and takes up minimal cupboard space so it can be bought in bulk, and investors can crack their tins open if inflation drives food prices to unaffordable levels.
However, cans of tuna spoil eventually, would be hard to physically store and sell if bought in vast quantities, and people might get tired of the fish’s distinctive taste.
Value investors such as Warren Buffett would prefer to own shares of a business such as Coca-Cola, as they believe there will always be demand for their products, and they can leverage a strong brand to raise prices and offset inflation.
US inflation surged by 8.6% year-on-year in May, marking the fastest rate in 41 years. Kiyosaki has previously touted household goods as shrewd investments when prices are soaring, as consumers can buy them now and stockpile them, instead of paying far more for them in the future.
“BEST INVESTMENT may be stocking products you will always use such as toilet paper, trash bags, canned goods, frozen foods,” he tweeted in March.
The personal-finance guru has been sounding the alarm on asset prices, inflation, and a potential recession for several months. For example, he warned of a historic bubble across stocks, real estate, oil, and commodities in March. He also raised the prospect of an economic depression and hyperinflation.
“Everything bubble turning into everything bust,” he tweeted in April after stocks began to fall. The benchmark SP 500 index is now down 22% this year, while the tech-heavy Nasdaq index is down 31%. Similarly, the price of bitcoin the most popular cryptocurrency has tumbled by 52% since the start of January.
However, Kiyosaki has underscored that market downturns give brave investors the chance to scoop up bargains and build fortunes over time. “Crashes are best times to get rich,” he tweeted in May.
Read more:Cort is a classic Berkshire Hathaway business. CEO Jeff Pederson explains why Warren Buffett’s backing gives him an edge over rivals, how he’s dealing with inflation and why he isn’t stressing about the next recession.
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