"I own index-linked Gilts in bearer form and I am holding them in a fire-proof safety deposit box."
"There is little doubt, to my mind, that we are now at a defining moment in financial history, a time that, once it has passed will be referred by economic and market historians in much the same way as the Wall Street Crash of 1929 or the credit and banking crisis of 1973-4 are now."Unfortunately, as is becoming increasingly clear, this crisis is not really just about subprime mortgages. It is much more serious than that. It is the beginning of an inevitable realignment of credit and wealth with incomes and accumulated savings...subprime is merely the first part of the credit edifice to give way, rather than the whole story..."
"The question I like to ask fund managers is not what they think about the general economic climate but: 'Are you still finding opportunities in the stock market today?'..."
"The good news is that this is a long-term problem. Low returns are like a car with a fuel leak; it can still be driven for a while before it grinds to a halt. The bad news is that, precisely because this is a long-term problem, investors (particularly the politicians responsible for public pension funds) will be tempted to leave it to their successors. That will only make the eventual funding crisis even bigger."
'Are you sure you're looking in the right market?'