State Street's $5.7 Trillion Portfolio Chief Missed Bitcoin at $500. But She Saw Gold's $3,000 Run Coming Years Earlier

State Street’s Global Chief Investment Officer Lori Heinel oversees a $5.7 trillion portfolio and told Barry Ritholtz’s Masters in Business podcast about two major calls: gold and Bitcoin. She said State Street was pitching gold to clients “six, seven years” before it broke above $3,000 and later $4,000 an ounce, arguing fixed income had failed to deliver diversification benefits in a 60/40 portfolio due to how much rates could still fall, alongside concerns about fiscal profligacy and U.S. debt debasement. State Street still holds “a couple percent” in gold across strategic allocations. On Bitcoin, she said her daughter and boyfriend began mining around $500–$600 in 2012; she dismissed it, later regretting not investing $10,000. Bitcoin traded at $62,609.94 as of July 31.