In an early 2012 edition of Fortune magazine, Warren Buffett wrote an article titled, Why Stocks Beat Gold and Bonds, which we discussed in some detail during class. In the article, he discussed the principal reasons he prefers to invest in (and hold for the long-term) productive assets, including whole or partial ownership interests in businesses (such as common stocks), farms, and real estate -- over other currency and fixed-income investments such as cash, long-term bonds, and gold.

What are some of his reasons for this preference?

	a.	He doesnt believe gold has any productive ability: It doesnt pay a coupon or dividend, nor does it 'grow' or expand.
	b.	As investors, we need to make our dollars outpace a general increase in price levels (i.e., inflation).
	c.	Risk free assets like cash are not necessarily risk free.
	d.	Income and capital gains taxes partly erode our investments over time.
	e.	All of the above are reasons.

2 points