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

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

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.

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.

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

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

I would say that financial markets are very inefficient, and capable of extremes of being completely dysfunctional.