At our request, William Bernstein, an investment manager at Efficient Portfolio Advisors in Eastford, Conn., reviewed Rep. Paul?s portfolio as set out in the annual disclosure statement. Mr. Bernstein says he has never seen such an extreme bet on economic catastrophe. ?This portfolio is a half-step away from a cellar-full of canned goods and nine-millimeter rounds,? he says.

There are many possible doomsday scenarios for the U.S. economy and financial markets, explains Mr. Bernstein, and Rep. Paul?s portfolio protects against only one of them: unexpected inflation accompanied by a collapse in the value of the dollar. If deflation (to name one other possibility) occurs instead, ?this portfolio is at great risk? because of its lack of bonds and high exposure to gold.

Running an investment portfolio that protects against only one bad outcome is like living in California and buying homeowner?s insurance that protects only against earthquakes, says Mr. Bernstein. You also want protection against fire and wind and theft and the full range of risks that houses are prone to. Likewise, he adds, investors should hold a broad mix of assets that will hold up under a variety of good and bad scenarios.

A spokeswoman for Rep. Paul didn?t respond to requests for comment. But you can say this for Ron Paul: In investing, as in politics, he has the courage of his convictions.