Publisher of the daily Gartman Letter
HOW I'D INVEST $100,000 RIGHT NOW: I’d buy bank stocks—probably 25% or 30% of the money. I think U.S. banks are egregiously undervalued relative to book value. It would be a quasi-bet on eventual strength of the economy and a turnaround on real estate. I’d put another 25% or 30% in simple, dividend-paying corporations, the makers and movers of the things that, if I drop them on my foot, will hurt—makers of steel, the railroads, miners of copper. I’d buy a small number of agricultural-oriented exchange-traded funds, because people do have to eat. And I’d buy a smorgasbord of strong currencies—Canadian dollars, Aussie dollars—and some gold.
BIGGEST OPPORTUNITIES: The great winner in the next several years is going to be those who sell things to the Chinese—Canada and Australia. Commodities, yes, but you guys also have high-tech. You have RIM. You have one of the great universities there, Waterloo. It is an amazing asset, and the Chinese understand that. Just because RIM is having a hard time competing with Apple, do you really think the engineers coming out of Waterloo aren’t going to come up with new ideas in the next couple of years?
ADVICE FOR INVESTORS: Never, ever, ever average down. If you buy a stock at $30 and it goes to $20, don’t buy any more. The market has already told you that you’re wrong.
WHAT KEEPS ME AWAKE AT NIGHT: Iran. A nation run by madmen, with an important asset that the world needs—oil—should keep everybody awake at night.
MY TAKE ON THE OCCUPY MOVEMENT: I think they all need to take a bath, and they need to get a job. And there are plenty of jobs to be had if they go to North Dakota or South Dakota or Alberta to work in the fields to find natural gas and crude oil and make $100,000 a year. They would have to take a bath to get that job, but they won’t. So, I say, to hell with them.