You can't run the economy on BMWs alone. If the average person is in a pickle, how do you have a healthy economy?

Equities are boring; bonds are disgusting.

Investment bubbles and high animal spirits do not materialize out of thin air. They need extremely favorable economic fundamentals together with free and easy, cheap credit, and they need it for at least two or three years. Importantly, they also need serial pleasant surprises in such critical variables as global GNP growth.

The world is using up its natural resources at an alarming rate, and this has caused a permanent shift in their value. We all need to adjust our behavior to this new environment. It would help if we did it quickly.

The language "it's too late" is very unsuitable for most environmental issues. It's too late for the dodo and for people who've starved to death already, but it's not too late to prevent an even bigger crisis. The sooner we act on the environment, the better.

If stocks are attractive and you don't buy, you don't just look like an idiot, you are an idiot.

Remember that history always repeats itself. Every great bubble in history has broken. There are no exceptions.