Claude B. Erb, is a retired managing director, TCW Group Inc., Los Angeles, who coauthored “The Golden Dilemma,” which examined gold’s role in diversified portfolios and concluded among other findings there is “little evidence that gold has been an effective hedge against unexpected inflation, whether measured in the short term or the long term." Prior to joining TCW in 2001, Mr. Erb was in charge of equity portfolio management, international subsidiary portfolio management, and enterprise risk management for Liberty Mutual Insurance Company. Mr. Erb received his BA in Economics from the University of California at Berkeley and his MBA from the Anderson Graduate School of Management at he University of California at Los Angeles