Commodities tend to zig when the equity markets zag.

Never act upon wishful thinking. Act without checking the facts, and chances are that you will be swept away along with the mob.

It's a lot of fun finding a country that nobody knows about. The only thing better is finding a country everybody's bullish on and shorting it.

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."

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.

Beware of all politicians everywhere. They excelled at recess when they were in school but have excelled at little since.

Commodities tend to zig when the equity markets zag.