‘I’m afraid of human stupidity’: Why this top economist prefers U.S. tech and gold over bonds

A prominent economist has voiced a preference for U.S. technology stocks and gold over government bonds, citing concerns not about artificial intelligence itself but about policy decisions surrounding it. The remarks frame AI as a productive force he is willing to embrace in portfolios, while his skepticism centers on government debt—an asset class he appears reluctant to hold.

The distinction matters for how markets price risk. Technology exposure is typically treated as a growth bet tied to earnings and innovation, whereas gold is often viewed as a store of value when confidence in fiscal or monetary anchors weakens. Government bonds, by contrast, are traditionally the defensive ballast in a portfolio. When a high-profile voice questions that role, it can influence how investors think about duration, inflation risk, and the reliability of fixed income as a hedge.

For observers, the key question is whether this reflects a durable shift in sentiment or a personal view. Watch flows into tech and gold, long-term bond yields, and how fiscal policy debates evolve—these will indicate whether the preference gains broader traction or remains an outlier.