You can't wait for business to turn up and be very clear about it. You'll probably only figure it out three or four months later anyway. But the market is very, very likely to turn up before business. But I don't try and time stocks. I try to price stocks and stocks, which were at a decent value when I wrote that article. They got to be at an indecent value some months later.

I would much rather own equities at 9,000 on the Dow than have a long investment in government bonds or a continuously rolling investment in short-term money. Now, again, I don't know where it's going to go next week or next month.

Equities: I own them myself.

He said further, I didn't know what was going to happen the last two years. Why should I know what's going to happen the next two years?

A I don't think you can have anybody better than Bernanke in the job. I mean, he understands all of the issues. But the time to worry about something that's going to happen in the long term is in the short term. And I'll guarantee you that he is thinking about that. But he needs to do what he's doing now. And the Fed needs to be doing what it's doing now. It will have after-effects, and we'll be facing those, and they'll be addressed at that time. But I don't think you can do what we're doing now, and are going to be doing, without having real inflationary possibilities down the road. But that doesn't mean I think he's doing the wrong thing. He's doing the right thing.

Well, I think that if we had 13%, people would be watching CNBC all day. I don't know how bad things can get in terms of unemployment and economy. I do know that we'll come out the other side and it'll be better than ever. But there's no way to predict how high it can go. It's going to go higher than it is now and I do not see when that ends but it will end.

source: MC