By background I'm both a Quaker and a Yorkshireman, which I like to call double jeopardy.

Volatility is a symptom that people have no idea of the underlying value.

You don't get rewarded for taking risk; you get rewarded for buying cheap assets. And if the assets you bought got pushed up in price simply because they were risky, then you are not going to be rewarded for taking a risk; you are going to be punished for it.

By background I'm both a Quaker and a Yorkshireman, which I like to call double jeopardy.

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.

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.

There is a lot of pain still to be had in the equity markets, particularly aimed at the risky end of the spectrum. We think the fair value on the market is about a third lower in the U.S. . .