"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?"

"Index investing outperforms active management year after year."

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

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

"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."

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

"Right now I own shares of companies in 28 countries."

"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."

"Most of my thoughts, you couldn't print."

"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."

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

"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."