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.

I learned very early in my investing careers: I better not invest in what I want. I better invest in what's happening in the world. Otherwise I'll be broke - dead broke.

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.

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

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.

I cannot invest the way I want the world to be; I have to invest the way the world is.

If you were smart in 1807 you moved to London, if you were smart in 1907 you moved to New York City, and if you are smart in 2007 you move to Asia.