$5 Trillion Portfolio Chief Missed Bitcoin at $500 and Gold's Rise

Lori Heinel, Global Chief Investment Officer at State Street, oversees $5.7 trillion in assets and has a story to share about missed investment calls. She saw gold's structural setup years before it broke through $3,000 and $4,000 an ounce, but her clients didn't listen until the price told them to.

Heinel pitched gold to clients 'six, seven years' before the metal's surge, arguing that fixed income had failed to provide its traditional role in a 60/40 portfolio. She also highlighted fiscal profligacy and U.S. debt debasement as macro concerns.

The Federal Reserve's M2 money supply reached $23.05 trillion in May, up from $22.02 trillion in July 2025, sitting at the 90.9th percentile historically. Heinel noted that clients didn't take action until the price moved, saying 'Very few of those clients did so until it went up to $3,000.'

Heinel also shared a personal admission about missing out on Bitcoin's early days, when her daughter and boyfriend started mining in 2012 at around $500 or $600. Heinel dismissed it as 'crazy' but now regrets not putting in $10,000, which would be worth roughly $10 million today.