The Federal Reserve was not founded to bail out Bear Stearns or a few hedge funds. It was founded to keep a stable currency and maintain its value.

It's a lot of fun finding a country that nobody knows about. The only thing better is finding a country everybody's bullish on and shorting it.

There is no such thing as a paper loss. A paper loss is a very real loss.

Many investors seem to have forgotten a hard reality: There are frequent periods when stock markets don't do much.

Historically, there has been a bull market in commodities every 20 or 30 years.

The price of a commodity will never go to zero. When you invest in commodities futures, you're not buying a piece of paper that says you own an intangible piece of company that can go bankrupt.

Bottoms in the investment world don't end with four-year lows; they end with 10- or 15-year lows.