Invest Like a Dead Man!

Maybe you should invest like a dead man.

Sounds crazy, right? But studies have shown accounts belonging to dead people often outperform those that are actively managed.

In this episode of the Midweek Memo podcast, host Mike Maharrey makes sense out of this phenomenon and explains why it’s particularly valuable to understand during a war. He also highlights how the ongoing conflict with Iran is causing logistical disruptions to the precious metals markets, and speculates how the war could impact gold and silver prices down the road.

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Mike opens the show with a story about his kitten.

“He loves to go out on our pool deck and hunt. He’s actually caught a few lizards, so he has some skills, but his hunting success suffers from a lack of focus. He’ll see a lizard, start stalking it, and then a bird will grab his attention. As he tracks the bird, a squirrel will start chattering and sidetrack him yet again. Oh, look, there’s a lizard! On and on it goes.

“Sometimes I feel like my kitten when I’m watching the news headlines. It’s always fast and furious, and it seems faster and furiouser since. As prices whipsaw, it’s hard not to get caught up in emotion. That’s why dead people make better investors.”

Mike concedes that saying dead people make good investors sounds a little kooky. But it actually makes sense when you think about it.

“When I was a kid, I remember my dad trying to teach me not to act rashly. To illustrate his point, he told me, ‘Don’t just do something! stand there!’ Of course, he was flipping the script on, ‘Don’t just stand there! Do something! His point being sometimes you need to pause and think before you act. Turns out this might be a pretty good investment strategy.”

Mike notes that studies by Dalbar, Fidelity, and Vanguard reveal that dead people tend to be better investors than the living.

“Now, I’m not suggesting suicide here. But you can adopt the strategy a dead person would employ – doing absolutely nothing Because, obviously, that’s all a dead person can do.”

Mike points out that based on the abovementioned research, the best investors aren’t necessarily the smartest people. They don’t have degrees in finance. They aren’t even the most experienced. They’re dead. Or perhaps they’re still walking among us, but they forgot they had an investment account.

“How does this make sense? One of the key points here is that dead people don’t get caught up in their feelz.”

Humans tend to make quick decisions based on emotions. This serves people well when a lion is attacking. It’s not such a good tendency when making investment decisions. It’s generally better to take a measured approach, pausing to consider all the various dynamics in play.

“Of course, I don’t really mean you should completely ignore your portfolio. That would be foolish. You do need to adjust from time to time. And there are times to buy and a time to sell. If you watch the markets at all, you know that every bit of news seems to drive some kind of move. But almost all of them are short-lived. So, you don’t want to react to every new post that pops up on X. Trying to time the markets based on what has become a 30-second news cycle will wreck your savings and your sanity.”

Mike emphasizes that you don’t want to ignore headlines completely. Just put them in a broader context.

“When you see a price swing, ask yourself, ‘Did anything just happen signaling a change in the fundamentals?’ If the answer is yes, well, it might be time to make a move. But if the answer is no, you probably want to stand pat.

“You don’t have to be dead to be a good investor. You don’t even need to be dead inside. But you do need to keep your emotions in check, stay focused on the fundamentals, and don’t react to every single news headline or price move.”

Mike says he thinks this is particularly important with a war raging.

“There are so many headlines to parse through, and a lot of it is propaganda from both sides. The other day, oil sold off because Trump implied the war was almost over. Except it isn’t. Probably. I mean, who knows, right? And as I discussed last week, war itself doesn’t tend to have much of a long-term impact on gold. Of course, that doesn’t mean it has no impact. And I came across some interesting analysis from Metals Focus indicating that this war may actually have some longer-lasting ramifications.”

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Mike breaks down the analysis, highlighting three factors Metals Focus identifies as reasons the war may impact precious metals markets in the long term.

Broader U.S. foreign policy implications
The potential for long-term Middle Eastern instability
Treasuries have failed as a safe haven

“On top of those things, I would add that the war will likely supercharge some of the factors that were already driving gold and silver higher.”

Mike specifically mentioned the https://www.moneymetals.com/podcasts/2025/11/12/the-debt-black-hole-004473">massive Debt Black Hole, inflation concerns, and ongoing https://www.moneymetals.com/news/2025/03/11/de-dollarization-gold-and-a-shift-to-a-multipolar-world-003898">de-dollarization.

Mike sums it up this way.

“War news is relevant, but you need to keep your eyes on the other balls that are in the air. Don’t get swept up in the emotion of price swings because Trump said something or CNN reports something. The war itself isn’t going to move the markets. Other things will – things in place before the war, and some exacerbated by the conflict. Not many of those things are bearish for gold, at least not in my view.”

Mike also notes that the war is already creating logistical disruptions to the gold and silver markets. With airspace closed, a lot of gold is stuck in Dubai. The UAE serves as an important refining and exporting hub.

“The ongoing war is hampering transporters, stranding tons of gold in the Middle Eastern country. Rather than holding on to it and paying storage fees, some dealers are opting to sell at discounts approaching $30 an ounce.”

Meanwhile, with metal bottled up in the Middle East, other markets are starting to feel a supply squeeze, India in particular. While there is currently enough gold and silver to meet Indian demand, that could quickly change if the war lingers.

“We saw how disruptions in the flow of metal can impact markets when tariff worries sent tonnes of silver from London to New York last spring. When Indian demand peaked in the fall, it set off https://www.moneymetals.com/news/2025/12/29/silver-squeeze-20-drives-price-over-80-004576">a significant silver squeeze that continues to ripple through the market.

“While the gold supply isn’t as tight as silver (https://www.moneymetals.com/news/2026/02/12/silver-market-expected-to-run-sixth-straight-supply-deficit-this-year-004686">Silver demand has outstripped supply for five straight years), locking up tonnes of gold in the Middle East and the squeeze on refining capacity may well cause shortages in some markets, leading to local price spikes. The longer the war drags on, the higher the possibility of more serious disruptions. At best, we should probably expect elevated price volatility.”

Mike says that no matter what happens during the war, one thing is certain. The U.S. government will continue to devalue your money. That’s why you want to preserve your wealth with real money — gold and silver. Mike ends the show with a call to action. Call 800-800-1865 and talk with a Money Metals precious metals specialist today!