Sometimes just a few sentences can capture the essence of an argument better than anything. Here are my top 10 quotes from the world of commodities and commodity trading. For the other 40 you’ll have to read my book “Commodities: 50 Things You Really Need To Know”
1) “Stock prices can go to zero. Commodities cannot. Unlike shares in a company commodities are real things that are always likely to be worth something to somebody.”
2) “As a trader you often walk on the blade. Be careful and don’t step off.”
3) “Where oil is first found, in the final analysis, is in the minds of men.”
4) “EACH DAY HUMBLE SUPPLIES ENOUGH ENERGY TO MELT 7 MILLION TONS OF GLACIER!”
Gasoline advertisement in LIFE magazine, 1962
5) “We are like tenant farmers chopping down the fence around our house for fuel when we should be using Nature’s inexhaustible sources of energy – sun, wind and tide. I’d put my money on the sun and solar energy. What a source of power! I hope we don’t have to wait until oil and coal run out before we tackle that.”
6) “I know of only two men who really understand the value of gold, an obscure clerk in the basement vault of the Banque de France and one of the directors of the Bank of England.
“Unfortunately, they disagree.”
7) “You can’t just turn cows on and off.”
Kevin Bellamy, Rabobank
8) “There is oil in the Middle East; there is rare earth in China.”
9) “Certain people enter cartels because of greed; then, because of greed, they try to get out of the cartels.”
10) “In the final analysis, it doesn’t matter what you crazy people in California do, because I got smart guys who can always figure out how to make money.”
Kenneth Lay, Enron CEO
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