I’m also concerned about the future growth of business in the United States. The next hundred years are not likely to be like the last hundred years. Don’t think we are going to see many double digit returns from intrinsic growth. Instead the ability to manipulate markets will produce the big returns. China and other rapidly developing countries are where wealth will be created, but their financial markets are very risky. I can’t program trade and the risk-reward profile of other markets is not for me.

I put the majority of my money in rental properties. A number of them are free and clear now and the plan is to pay them off. Tax shelter is good and the possibility of appreciation is a nice sweetener.