Without giving specific names, most of the significant American banks, the larger banks, are bankrupt, totally bankrupt.

Most of my thoughts, you couldn't print.

Without giving specific names, most of the significant American banks, the larger banks, are bankrupt, totally bankrupt.

I learned very early in my investing careers: I better not invest in what I want. I better invest in what's happening in the world. Otherwise I'll be broke - dead broke.

The City of London and Wall Street are not going to be great places to be in the next two or three decades. It's going to be the people who produce real goods in charge – the farmers and the miners.

When things go wrong on a macroeconomic level, it's almost always this way. People find someone to blame, whether it's blacks, whites, Christians, Jews, Muslims-whoever.

Acknowledge the complexity of the world and resist the impression that you easily understand it. People are too quick to accept conventional wisdom, because it sounds basically true and it tends to be reinforced by both their peers and opinion leaders, many of whome have never looked at whether the facts support the received wisdom. It's a basic fact of life that many things "everybody knows" turn out to be wrong.