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

Equities are boring; bonds are disgusting.

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

The individual is far better-positioned to wait patiently for the right pitch while paying no regard to what others are doing, which is almost impossible for professionals.

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.

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

The investment business has taught me – increasingly as the years have passed – that people, especially investors (and, I believe, Americans), prefer good news and wishful thinking to bad news; and that there are always vested interests to offer facile, optimistic alternatives to the bad news.