"I’m looking at all commodities, but some commodity prices are very depressed. Silver is 70% or so below its historical highs, coffee is 70% or so, as is sugar, while gold is only 10% off its all time high."
and when asked if he invest directly in commodities, or in commodities-based firms he answered
"Mainly directly in commodities. There are plenty of studies out there that show it’s better investing in commodities themselves, unless you have a lot of time on your hands and are very good at picking stocks, which most people aren’t."
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