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

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.

Do not buy the hype from Wall St. and the press that stocks always go up. There are long periods when stocks do nothing and other investments are better.

One of the best rules anybody can learn about investing is to do nothing, absolutely nothing, unless there is something to do... I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up... I wait for a situation that is like the proverbial "shooting fish in a barrel."

I don't think there is a sound UK bank now, at least, if there is one I don't know about it. The City of London is finished, the financial centre of the world is moving east. All the money is in Asia. Why would it go back to the West? You don't need London.

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.

The first loss is the best loss.