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.

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

Tough times helped many commodities traders become lean and mean through consolidation, mergers and cost cutting. All that excess supply has been sopped up.

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.

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

One of the best rules anybody can learn about investing is to do nothing, absolutely nothing, unless there is something to do. Most people – not that I’m better than most people – always have to be playing; they always have to be doing something. They make a big play and say, “Boy, am I smart, I just tripled my money.” Then they rush out and have to do something else with that money. They can’t just sit there and wait for something new to develop

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.