The last leg of a bull market always ends in hysteria; the last leg of a bear market always ends in panic.

The first loss is the best loss.

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.

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.

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

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 do nothing in the meantime.