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I can find only one bull market, in 1935, that didn't have some material indigestion within its first 12 months.

I think we're in the beginning of a bull market. When a bull market begins, nine months later the economy turns around.

Any bull market covers a multitude of sins, so there may be all sorts of problems with the current system that we won't see until the bear market comes.

When you look at a commodities market you need hedgers and speculators. If you don't have one, you don't have a market. That's how it works.

Secular cycles are the long periods - as long as decades - that come to define each market era. These cycles alternate between long-term bull and bear markets.

Indeed, bull markets are fueled by successive waves of prior skeptics finally capitulating as their fears fade. Eventually, fear turns to euphoria, and that's the stuff of bubbles.

Today, there are also buyers and sellers of all these energy commodities, just like there are buyers and sellers of food commodities and many other commodities.

The latter part of bull markets are typically led by stocks that are seen then as high quality, but the ones that do best are the ones that weren't seen as such high quality before.

A commodity producer should be comfortable being exposed to prices.

You can no longer buy commodities at Merrill Lynch. My guess is many analysts and even executives are too young to know how profitable a hot commodities market can be. They will soon.