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

I hate gold. It does not pay a dividend, it has no value, and you can't work out what it should or shouldn't be worth," he said. "It is the last refuge of the desperate.

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

I like to be right. I try not to miss the big ideas, forget the little ones, and try to get them right. End of job description.

Everyone asks about gold. This is the irony: just as Jim Grant tells us (correctly) that we all have faith-based paper currencies backed by nothing, it is equally fair to say that gold is a faith-based metal. It pays no dividend, cannot be eaten, and is mostly used for nothing more useful than jewelry. I would say that anything of which 75% sits idly and expensively in bank vaults is, as a measure of value, only one step up from the Polynesian islands that attached value to certain well-known large rocks that were traded.

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

The stock market is overpriced. Everything is overpriced. Junk is king.