The City of London and Wall Street are not going to be great places to be in the next two or three decades. It's going to be the people who produce real goods in charge – the farmers and the miners.

Right now I own shares of companies in 28 countries.

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.

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.

The first loss is the best loss.

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.

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