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.

If the current birth rate, which is the lowest in the major developed countries, continues, there will be no Japanese. Who will pay the enormous debt?

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.

Right now I own shares of companies in 28 countries.

I think this is also a great time to invest in private equity, helping companies grow from the ground up.

Commodities tend to zig when the equity markets zag.

Get inside information from the president and you will probably lose half your money. If you get it from the chairman of the board, you will lose all of your money.

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

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.

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

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.

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

Most of my thoughts, you couldn’t print.

Index investing outperforms active management year after year.