"When I was a young man working 14 hour days, I traded using outrageous and terrifying leverage. I was either very lucky, very smart or very dumb. That’s what terrifies people about commodities. Commodities themselves are no riskier than stocks. A stock on margin has more risk than a commodity fully paid for. It’s all about the degree of leverage."

“Sometimes I think our central bank will keep printing money till we run out of trees”

“Unfortunately politicians are not very sound people or they wouldn't be politicians.”

“If you bail out every investment bank that gets in trouble, that’s not capitalism, that’s socialism for the rich”

“The bottom line is this is not a war we want to get into. We can win the battle of Iraq, but that is not the war. It's not a war that can be won in the traditional sense. If we succeed in ousting Saddam Hussein, what then? Who is going to run Iraq afterwards? We cannot do it. The country is a mish mash of factions who hate each other.”

“I am dying to find a way to invest in both North Korea and Myanmar. The major changes in these two countries are among the most exciting things I see right now, looking to the future.”

“Teach your children or your grandchildren Chinese. It is going to be the most important language of their lifetimes.”