The pure administration of Graham-and-Doddery really needs a long-term lock-up like Warren Buffett has, or it will have occasional quite dreadful client problems.

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

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. . .

You don't actually find a strong correlation between- top-line GDP growth and making money in the market. It- it seems like you should. The fastest-growing countries should give you the highest return. They simply don't. But, there's only four of us- that- that believe that story. Everyone else in the world believes that if you grow fast like China, you'll outperform in the stock market.

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

Some societies are also more optimistic than others: the U.S. and Australia are my two picks Tell a European you think there’s a housing bubble and you’ll have a reasonable discussion. Tell an Australian and you’ll have World War III. Been there, done that!

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.