Paper money is made of cotton, and I'm long cotton, by the way. One reason I'm long cotton is because Dr. Bernanke is out there running the printing presses as fast as he can.

Debasing your currency sometimes works in the short term, it has never worked in the long term and does not even usually work in the medium term. Lots of politicians like to do it because it is an easy way.

You can no longer buy commodities at Merrill Lynch. My guess is many analysts and even executives are too young to know how profitable a hot commodities market can be. They will soon.

The biggest public fallacy is that the market is always right. The market is nearly always wrong. I can assure you of that.

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.

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.

My basic advise is don't lose money