Investing Experts Avoid S&P + bonds, buy gold + energy - George Noble
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Mar 19, 2026 George Noble, a 45-year investor veteran from Fidelity turned hedge fund manager and educator, shares his market view. He argues we are in a regime change and recommends shifting from S&P and bonds into gold and energy. He warns about tech and private credit risks. He also explains oil shock scenarios, energy underinvestment, and gold as insurance against policy mistakes.
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How Noble Shares Buy Side Ideas Publicly
- George Noble runs investor education conferences and a Substack to democratize high-quality buy-side research.
- He hosted a 15-speaker Best Stock Ideas Online Summit featuring buy-side presenters and charged $99 for replays.
Regime Change From Disinflation To Inflation
- We are in a regime change from decades of disinflation and falling rates to an inflationary era with fiscal excess and higher real rates.
- Noble traces the shift to 40 years of declining rates, massive post-COVID liquidity, and now unwinding that stimulus.
Avoid S&P And Use Equal Weight RSP
- Avoid the S&P 500 because its heavy tech weighting concentrates risk in MAG7 names.
- If you want broad US equity exposure, buy the equal-weight S&P ETF RSP instead of the market-cap S&P.