Elections in USA
I suspect [the winner] will be Mr Trump but whoever it will be it's not going to be good. I hope you are all prepared because there is going to be some very serious problems in the world. Trade wars always lead to bankruptcies.
I still own a lot of US dollars because there is a lot of turmoil coming, but then I think even the dollar will get overpriced and possibly turn into a bubble.
I wouldn't really own bonds anywhere in the world. If I owned US government bonds I would sell them.
On Australia and government policies
Every time the resources boom stops for a while the Australian politicians think it's going to come back any day and so they borrow huge amounts of money. It's astounding how you guys keep running up debt here. You have to do something about the debt.
Anything that has been in a bear market for 30 years when it turns around it's one of the most exciting places to invest. The single best way is to become a farmer or buy a farm and lease it out to someone else. I see good agricultural returns for the next decade.
US Pension Funds
Nearly every pension plan in America is under water. Some of them seriously under water and this is at the state level.
Investing in Water
I am wildly bullish over water.