Austrians on productivity

I recently spoke with an investment advisor who lost interest in studying the Austrian school in the last decade. His reason was that from the late 1980s the Austrians continued to insist that gold was the best investment because of the danger of inflation. Consequently, they completely misread the gains to be made in the stock market because they had not anticipated the rise in productivity from leveraged buyouts and mergers.

Is this a valid criticism of the Austrians active in the 80s and 90s?

I certainly can’t speak for the Austrians of the 80ies and onwards, and only to a very small degree for those that came before, but I have gotten the idea that the Austrian school more or less started in subjectivism; that is with the idea that economics deals with individual human choices, and not with machinelike relations that can be gauged as base for confident prophesying.
(Restricted prophesying of the kind that: if the Fed keeps inflating, then the dollar will eventually crash, and then you’ll wish you had bought gold - this I believe is OK :-)