Modern agriculture has been accurately described as a way of turning oil into food. As the price of oil continues to rise, so will the price of food.

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.

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

Battering down solar cells on the roofs of Wal-Marts in California. I think that will be some of the highest-return investments that anyone ever makes.

It is better to be lucky than good, but of course appropriate to aspire to both.

At least us old men remember what a real bear market is like, and the young men haven't got a clue.

We live on a finite planet. We have finite resources, and we're running out of good, arable land.