Some very sage investment advice:
"And one of the things you love to do as you get older is to be a counter-cyclical investor. And do you know, I reckon looking back on all the years I have been involved in investing, the biggest mistake people make in investing is to take the latest phase of the cycle and extrapolate it ahead as a trend. So, Bob, I'm sitting on cash. Some stage in the next five years – I have also got a lot of inflation-linked government bonds because I'm fearful of global inflation and the cycle in global inflation if you look five to seven years out...I am not smart enough to know what will drive the cycle, but I think we will see the cash rate over seven and a half per cent, unemployment over eight per cent, inflation over six per cent at various times in the next five to seven years."
